Prime Minister Mostafa Madbouli said on Saturday 11/02/2023 that the state is doing everything it can to help the private sector contribute more to the Egyptian economy.

“My office is ready to take any ideas or complaints about challenges the private sector is experiencing to help to overcome all obstacles hampering business activities,” he added at a news conference following his inspection tour of projects in the 6th of October City.

Through infrastructure projects, road networks, services, and new lands, the state has paved the path for stimulating private investment to play its role in the following stage, the premier said.

He mentioned President Abdel Fattah El Sisi’s address on the readiness of state firms and organs, including the Armed Forces, to collaborate with the private sector.

He reaffirmed the state’s intention to list 32 companies on the stock exchange or sell shares to strategic investors before listing all projects later.

The tour led the prime minister to three major industrial projects; two of which are in the food industry, while the third is a pioneering project in the automotive industry.

He expressed his delight with the work of young Egyptians who were able to convert traditional autos, like minibuses, to electric vehicles.

He applauded the high level of thinking shown by these young people, emphasizing the state’s full willingness to help them in every manner possible to increase their output.

Those young people are discussing a production capacity of 5,000 vehicles per year. All of the state’s capabilities will be used to extend this initiative to a capacity of 100,000 vehicles per year, Madbouli said.

The food industry sectors’ output is sufficient for meeting the demands of the local market as well as for sale overseas, he added.

Source: State Information Service Egypt