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Industry and Trade Ministry targets 8% industrial growth by 2020 - Daily News Egypt

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Industry and Trade Ministry targets 8% industrial growth by 2020

We target to increase private investment from EGP 43bn to nearly EGP 100bn by 2020, says minister


The Ministry of Industry and Trade aims to increase the contribution of industrial growth to GDP from 17.7% to 21% by 2020, according to minister Tarek Kabil. This requires industrial growth to reach 8%, he stated.

In a press conference held Thursday to announce the ministry’s industrial development plan for 2020, the Kabil said that the plan aims to increase the contribution of the private sector and small- and medium-sized enterprises (SMEs) to GDP to 10%. Additionally, the plan seeks to reduce the sector’s deficit by 50%, improve corporate performance, and provide 3 million jobs.

The minister added that through the new industrial development plan, the ministry targets to increase private investment rates from EGP 43bn to nearly EGP 100bn in 2020.

Kabil noted that the ministry has completed plans to establish three industrial complexes for SMEs in the cities of Sadat, Badr, and South Port Said.

He explained that the masterplans of the new industrial complexes include the use of renewable energy within the framework of the state’s plan to support and rationalise energy consumption.

The Industry and Trade Minister added that he will present the plans of the new complexes to the presidency next month.

“The Industrial Development Plan 2020 aims to increase the volume of Egyptian exports and reduce the trade balance gap through annually increasing non-oil exports by 10%, to be raised from $18.6bn in 2015 to more than $30bn by 2020,” Kabil said.

“The plan also includes converting SMEs and entrepreneurship into a major tool for increasing industrial production, creating jobs, and increasing exports. Egypt has 2.5 million SMEs that employ 75% of the total workforce. Moreover, 17% of these SMEs export their products. Nevertheless, 20% of them are part of the informal economy,” he explained.

 

 

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