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Arab Finance: Egypt’s Minister of Investment and Foreign Trade Mohamed Farid Saleh met with Mohamed El Araby, CEO of Elaraby Group, to discuss the group’s plans for industrial expansion, increasing the local manufacturing component, and investment incentives, as per a statement.
The meeting, held as part of efforts to strengthen cooperation with the private sector, reviewed the group’s current investments, planned expansions, and the challenges posed by global economic changes, alongside potential solutions to support continued growth.
During the discussions, Farid said the government is working to address challenges facing national industrial entities to help maximize production capacity, adding that the ministry remains open to supporting domestic investment.
He noted that the government is implementing policies to support industrial investment, increase reliance on local components, and improve the efficiency and stability of the business environment for both local and foreign investors.
Farid added that the ministry is focused on developing the investment incentive system to better support manufacturing activities and increase the added value of Egyptian products. He emphasized that closer coordination between the government and the private sector is required to achieve sustainable industrial development.
Moreover, Farid said the ministry is prioritizing the removal of procedural and financial obstacles facing manufacturers to ensure factories operate at full capacity. He noted that this includes updating investment incentives and local component standards to support manufacturing activity and improve the competitiveness of Egyptian exports.
He added that the ministry will coordinate with relevant authorities to ensure alignment between investment policies and industrial plans, and to establish a mechanism for responding to emerging challenges facing investors.
For his part, El Araby reviewed the group’s investment portfolio and said the company has achieved a 90% local component ratio across its production processes, reflecting ongoing efforts to localize manufacturing. He added that the group continues to support industrial development by offering products that meet a wide range of consumer needs.
The meeting also addressed proposals submitted by Elaraby Group to maximize the benefits of the investment law and its amendments, particularly in the electrical and electronic equipment sectors, feeder industries, and logistics services. Discussions also covered the impact of global economic shifts on production costs and capital cycles.
