The interim government is determined to address the challenges of the business community, Minister of Industry and Foreign Trade Mounir Fakhry Abdel Nour has told a meeting at the Egyptian Union of Investors Association (EUIA).
The meeting, chaired by head of the EUIA, Mohamed Khamis, discussed the the ministry’s road map.
As part of the government’s plans, Abdel Nour mentioned “supplying lands for industrial projects and developing a new system for land allocation.”
Abdel Nour said despite difficult economic circumstances, the ministry is committed to social justice, stability and restoring the confidence of local and foreign investors.
“The economic group within the cabinet is keen to overcome all the obstacles and to develop a new system for the investment climate,” he said.
He also stressed the importance of granting opportunities for youth, allowing them to contribute to the implementation of the new development plan.
During the meeting, which also reviewed a number of problems in energy resources, the minister said the industrial sector is not expected to face energy supply problems over the next year due to strong support from Arab countries.
For his part, Khamis announced that the business community will assist the new government in creating job opportunities and improving wages through building factories and increasing production quotas to encourage exports.
“Investors are optimistic about the new government and believe it has a clear vision,” Khamis said.
He also demanded that the government takes measures to protect domestic industry, especially with regard to smuggling.
Safwan Thabet, who attended the meeting, requested the new government finalise the draft food safety law.
Thabet added that the law will improve the food industry, which he said was suffering from a “multiplicity of legislation and regulations.”
Abdel Nour said the ministry is currently working on finalising an integrated industrial plan. This plan is intended to identify investment opportunities available in provinces and industrial areas
He also added that the ministry is currently studying the introduction of a connected working network with the General Authority for Investment (GAFI) that will help overcome all the obstacles and facilitate industrial procedures.
Furthermore, Abdel Nour indicated that he has formed a committee that aims to help resolve investor complaints
The minister announced the he has extended the current standard measurements in the Supporting Exports programm for three months, adding that new standards will be applied in October.