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Arab Finance: Minister of Investment and Foreign Trade Mohamed Farid and Minister of Industry Khaled Hashem met with representatives of the Export Council for Medical Industries (ECMI) to discuss a strategy for developing the medical and pharmaceutical industries sector, according to a statement.
The meeting comes within the government's efforts to coordinate with pharmaceutical manufacturers to enhance the sector's competitiveness, increase its contribution to exports, and attract investments.
Moreover, the meeting reviewed an executive roadmap to localize the industry, leverage scientific research in boosting production, and open new export markets that support sustainable growth in the sector.
This aims to support Egypt's position as a regional hub for medical and pharmaceutical industries.
Farid asserted that the medical industries sector marks a key pillar for increasing exports and scaling business in new markets, particularly in African countries and other promising markets.
He added that the ministry is working to activate financing tools and investment incentives that support manufacturers as well as their regional expansion plans, enhancing the access of Egyptian products to global markets.
The minister highlighted the importance of supporting scientific research and integrating efforts between universities, research centers, and the industrial sector to develop and discover medicines and analyze medical data. This will accelerate the production cycle and enhance innovation efficiency within companies operating in the sector.
For his part, Hashem emphasized the ministry's readiness to link industrialists with researchers, contributing to the establishment of pharmaceutical manufacturing projects.
He affirmed the necessity of utilizing the latest advanced technologies and AI in drug development research to save time, effort, and costs.
The meeting reviewed proposed policies to promote the growth of the medical and pharmaceutical industries sector by developing a system of investment incentives directed to the sector and enhancing the role of financing in supporting companies’ production expansion plans.
