Egypt: PM Chairs Economic Ministerial Group to Probe Taking Incentive Measures to Propel Industry Sector

Prime Minister Mostafa Madbouli has chaired a meeting of the economic ministerial group to probe taking more incentive measures that aim at propelling the industry sector.

Governor of the Central Bank of Egypt (CBE) Tarek Amer, Planning Minister Hala el Saeed, Minister of International Cooperation Rania El Mashat, Finance Minister Mohamed Maait, Public Enterprises Minister Hisham Tawfiq, Minister of Industry and Trade Neveine Gamea, CEO of The General Authority for Investment (GAFI) Mohamed Abdel Wahab along with a galaxy of officials from CBE and concerned ministries attended.

At the onset of the meeting, the premier pointed out that the meeting aims at discussing a number of key files that could enhance the national economy and maintain the gains of the past phase that witnessed a notable economic progress.

Cabinet Spokesman Nader Saad said the meeting addressed an executive plan proposed for upgrading the industry sector and promote industrial exports. The plan comprises 100 measures that will be implemented on various stages whether on the short, medium or long range.

Some of the measures include drafting new incentives for the industries based on high-quality technological components along with the local ones, the spokesman said, adding that a promotion plan for the industrial map will be launched soon through activation of an electronic platform for investors to be briefed on latest data about various industries.

The measures also comprise establishing funding programs for expanding the mechanical slaughter houses and leather tanning factories to be affiliated to the industrial free zones to propel the leather exports and lure local and foreign companies to invest in this field, the spokesman said.

New measures will also be taken to review customs and relief measures along with completing measures to transform to the use of clean energy in the vehicles fuel, he explained.

Other measures were also probed to address the fields of science and technology, innovation, governance, combating corruption, statistics, sustainable development, structural reforms in economy along with development plans, the spokesman noted.


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