President Abdel Fattah El-Sisi highlighted the importance of going on with the procedures of rationalising imports and supporting local industry. This could be achieved through supporting local products and Egyptian industry which provides employment opportunities and enhances local economy.
El-Sisi emphasised on the necessity of supporting local products in order to achieve the desired outcomes, during his meeting with the Prime Minister Sherif Ismail and the Minister of Trade and Industry Eng. Tarek Kabil.
The Minister of Trade and Industry presented, during the meeting, the efforts exerted in external trade and industry development concerns, according to presidential spokesman Ambassador Alaa Yousef.
Eng. Tarek Kabil pointed out the successful outcomes of these efforts as imports have been rationalised, saving a sum valued at $4.52 from January to April 2016. Moreover, export rate increased by $260m from January to May 2016.
The Minister of Trade and Industry presented, during the meeting, the establishment of Damietta city for furniture project and said that efforts are exerted to finish the city’s designs. He added, Damietta for Management and Furniture Marketing Co. has been established to manage Damietta city for furniture project. A technology furniture centre has been built as well in Damietta; the centre will be responsible for conducting marketing studies and testing furniture before exporting it. In addition, the centre will pave the way to opening new Egyptian furniture markets throughout the world, according to Alaa Yousef.
A city for leather manufacture in Al-Robiky is being built and the first stage of establishment will be finished in July, the Minister of Trade and Industry declared. This city will have a positive influence on the environmental, social and economic spheres.
Alaa Yousef said that a review of a strategy to develop automotive industry has been conducted during the meeting. Moreover, automotive industry expansion’s benefits have been presented in the meeting as the president urged them to continue working on these developments.
On the other hand, the Minister of Trade and Industry presented a timeframe for providing lands allocated for industrial areas in 2016/2017. In addition, the ministry permitted industrial developers to establish an industrial area provided with beneficial interest.
