Egypt to localise 23 industrial sectors

Egypt aims to localise 23 high-priority sectors to spur industrial development and reduce reliance on imports, according to a local media report.

These industries are critical to the country’s economic growth and leverage locally available raw materials, Egypt Daily reported, citing deputy prime minister for industrial development and minister of industry and transport Kamel El-Wazir

Some of the identified sectors include solar energy components, batteries, wind energy components, water desalination and treatment systems, infant formula, and electrical transformers.

The process of localisation refers to the concentration of companies producing the same commodity in a particular region.

El-Wazir said the government was advancing industrial localisation through incentives and simplified investment procedures.  

Moreover, the government has pledged to equip all industrial zones with essential infrastructure to ensure timely construction and operations.

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In September, finance minister Ahmed Kouchouk unveiled a range of measures to make the Egyptian tax system more transparent and attract further investors to the country.

The reforms will help improve the country’s competitiveness and make it easier for foreign investors to work there, he told a press conference.

Egypt aims to treble foreign direct investment into the country from the record $10 billion of inflows recorded in 2022-23.