Cairo: Prime Minister Mostafa Madbouly emphasized Egypt's strategic focus on developing a skilled workforce and localizing industries to attract global investments. These remarks were made during a press conference following his tour of the Sokhna Industrial Zone, part of the Suez Canal Economic Zone (SCZONE), where he inaugurated nine new industrial projects.
According to State Information Service Egypt, the conference was attended by several key ministers and officials, highlighting the importance of the event. Madbouly praised the SCZONE's potential as a global industrial and logistics hub, rooted in the strategic significance of the Suez Canal. He emphasized the importance of maximizing the area's potential, which is vital for Egypt's economic growth.
Madbouly revealed that the newly inaugurated projects, with a cumulative investment of $85 million, will create approximately 2,000 jobs for young Egyptians. He noted that some factories export nearly all their production, while others maintain a significant 70% export rate. Additionally, the rising local content in production, reaching up to 95% at some factories, is a positive trend towards full manufacturing capabilities.
The diversity of industries in the SCZONE was showcased, with projects ranging from textiles to medical industries. Notable projects include a factory specializing in refurbishing ambulances, extending their operational life, and a facility producing dental chairs, which were previously imported.
Madbouly highlighted the progress of the lighting-products factory, which now manufactures high-quality products that compete with former German-made goods. The SCZONE's growth is evident with 212 operating factories and 176 more under construction, set to be completed within two years.
The Prime Minister addressed concerns about Egypt's economic growth, stating that the establishment of these industrial facilities demonstrates genuine development. He expressed pride in the technical workforce's achievements, with young graduates reaching significant income levels shortly after entering the workforce.
Madbouly acknowledged the need for additional infrastructure to support the growing demand, including water desalination plants and power stations. The government's commitment to supporting private sector expansion is evident, aiming to increase its investment share to over 70% in the next four years.
The Prime Minister concluded by expressing his intent to continue visiting other regions to witness the development efforts across Egypt, reinforcing the government's dedication to economic growth and job creation.