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Egypt is in the process of devising a new industrial strategy with an emphasis on attracting investment and achieve an export target of $100 billion a year, the Arab country’s Trade and Industry Minister has said.
Ahmed Samir told an economy conference in Cairo at the week-end that the strategy also aims to spur growth in the non-oil industrial sector and boost its contribution to gross domestic product.
In his comments published by Addustour and other Egyptian newspapers on Monday, Samir said Egypt’s industrial sector peaked at 1.2 trillion Egyptian pounds ($38 billion) and recorded growth of around 9.57 percent in fiscal year 2022-2023.
Non-oil industrial exports also reached one of their highest levels of around $35.6 billion during 2023 while imports declined by 14 percent to $73 billion, allowing Egypt to slash its trade deficit to $37 billion in 2023 from about $48 billion in 2022.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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