The Egyptian government announced that no factory will be closed without a decision from the Deputy Prime Minister for Industrial Development, following consultation with the Prime Minister. Additionally, inspections of industrial establishments will be carried out by a single committee comprising representatives from various ministries and government bodies.
The Deputy Prime Minister and Minister of Industry emphasized ongoing efforts to formalize unregulated factories and integrate them into the formal economy, while also addressing challenges faced by industrial investors.
Egypt is striving to localize industry and increase the local component in various sectors, aiming to boost commodity exports to approximately $100 billion over the next five years and raise the industrial sector’s contribution to the GDP from 16% to 20%.
