Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel el Wazir praised the efforts of the Egyptian state, led by President Sisi, to support industrial development and prioritize it as a key driver of growth and the economy.

In his speech during the Labor Day ceremony in Suez, in the presence of President Sisi, Wazir greeted all Egyptian workers on the occasion of celebrating their annual day.

Wazir highlighted the urgent national action plan that has been approved to support the domestic industry by accelerating the pace of progress, facilitating investment attraction, and enhancing the competitiveness of Egyptian products locally and internationally.

He explained that this plan includes simplifying industrial licensing procedures, reducing approval times, offering easy financing packages, along with tax and customs incentives to support manufacturers. Also, he noted, it focuses on enhancing partnerships with the private sector, localizing technology, fostering innovation and research, and improving human resources to provide capable production elements.

He added that as part of the digital transformation and investment climate improvement, Egypt's Digital Industrial Platform was launched offering investors services related to land allocation, issuing licenses, industrial records, and electronic payments.

He also pointed to the initiatives launched by the Egyptian state to restructure and support troubled or inactive factories, including an initiative to support production sectors by financing working capital with loans totaling 120 billion Egyptian pounds at an interest rate of 15%. Another initiative was also introduced targeting priority industrial sectors by funding production lines, equipment, and machinery purchases with loans totaling 30 billion pounds at the same 15% interest rate, he stated. (MORE)

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