The Ministry of Trade and Industry today launched a national program to deepen local industrialization, which aims to reduce some imports in return for increased production locally. Trade and Industry Minister Amr Nassar said the program aims to provide all support and support to local industries to compete with their imported counterparts.
He said that Egypt has a large and diversified industrial base capable of importing a lot of imports, which contributes directly to reducing the trade balance deficit and providing foreign currencies. He pointed out that the ministry is organizing the conference and exhibition "Deepening Local Manufacturing" before the end of this year.
Nassar explained that the program is a real initiative of the Ministry of Trade and Industry to develop the local industry, pointing out that by 2030 the Egyptian economy will become a key player in the global economy has the ability to keep pace with all global developments.
Eng. Mohamed El Sewedy, Chairman of the Federation of Industries, said that the "National Program for Enhancing Local Manufacturing" aims to develop an integrated system for evaluating suppliers, increasing the base of local suppliers, maximizing the utilization of available productive capacities and raising the utilization rates of industrial investments. In addition to upgrading industrial knowledge and replacing imported production inputs with local ones.
He pointed out the importance of the commitment of all government agencies to implement the law of preference of local product in government procurement, thus increasing the dependence on national products, granting preferential advantages to imported imported products, as well as the importance of achieving compatibility between Egyptian specifications and their international counterparts to increase the competitiveness of Egyptian products in both markets Internal and external.
Hossam Farid, Advisor to the Minister of Commerce and Industry for Small and Medium Industries, pointed out that the program depends primarily on the development of supply chains of small, medium and micro industries, which represent the largest segment of the structure of the Egyptian industry, aiming to develop these types of industries and enable them to obtain Finance, trained technical personnel and access to foreign markets as well as advanced technology to develop and modernize their products.
He said that by reviewing the structure of Egyptian imports during the first half of this year, it was found that 55% of these imports are concentrated in three main sectors, namely engineering, chemical and building materials, which are all industries that can be localized and deepened. These sectors will be focused on finding locally produced products as a competitive alternative to products. Imported.