Cairo:Planning and Economic Development Minister Ahmed Rostom emphasized the importance of converting the growing number of young individuals entering Egypt's labor market into a productive workforce. He highlighted that economic growth should be propelled by structural changes that enhance productivity, broaden the production base, and create formal, sustainable jobs.
According to State Information Service Egypt, Rostom made these remarks at the opening session of the World Bank Group’s Global Manufacturing Conference. The conference, themed “Manufacturing for Jobs, Value Addition and Prosperity,” was attended by Deputy Prime Minister for Economic Affairs Hussein Eissa, Industry Minister Khaled Hashem, World Bank Group Vice President for Prosperity Pablo Saavedra, Global Manufacturing Director Femi Akinribiyo, and several World Bank officials and global industry leaders.
Rostom outlined the focus of the conference on using manufacturing to generate jobs, maximize value-added, and achieve economic prosperity. He noted that for emerging markets and developing economies, sustainable growth and resilient employment rely on actual production, increased manufacturing, and exports. Addressing the challenges of developing competitive industrial sectors, Rostom stressed the need for quality jobs for young people and enabling economies to generate more value from global value chains amid ongoing global supply chain restructuring.
He identified two main priorities moving up the value chain by maximizing domestic value added and creating sustainable jobs. Rostom remarked that manufacturing generates employment beyond factories, supporting jobs in transport, logistics, digital services, technical training, and engineering.
Discussing Egypt’s strategy to deepen industrialization, Rostom stated that manufacturing and value addition, led by the private sector, are crucial to the country's economic strategy. Under the 2027-2030 economic transformation program, industrial policy will focus on empowering the private sector, developing industrial clusters, and advancing green manufacturing. Egypt aims to integrate green manufacturing principles into industrial zones to meet international environmental standards, including the European Union’s Carbon Border Adjustment Mechanism (CBAM).
The program's third pillar emphasizes reducing investment risks and providing financing mechanisms. High upfront investment costs are a major obstacle to expanding industrial projects. The government is collaborating with the World Bank Group on innovative financing mechanisms to encourage private investment and attract domestic and international capital.
Rostom called for collaboration among governments, multilateral development banks, and private financial institutions to align industrial policies with financing, provide guarantees to mitigate investment risks, invest in skills development, and build diversified supply chains to strengthen regional resilience. He described the national economic transformation program as a roadmap through 2030 aimed at consolidating economic stability, improving growth, empowering the private sector, raising productivity, enhancing citizens’ quality of life, and creating decent jobs, focusing on agriculture, manufacturing, communications, tourism, and energy sectors.
Concluding his remarks, Rostom stated that manufacturing goes beyond assembly, contributing to building a resilient economy, strengthening social stability, and achieving shared prosperity. The conference, he noted, offers an opportunity to forge partnerships that transform potential into production and production into sustainable progress.