Egypt Assists Private Sector to Enhance Its Economic Share

by nevine

Prime Minister Mostafa Madbouli indicated that the state is doing its best to help the private sector contribute more to the Egyptian economy.

Madbouli added at a news conference following his inspection tour of projects in the 6th of October City: My office is ready to take any ideas or complaints about challenges the private sector is experiencing to help to overcome all obstacles hampering business activities.

He further explained that through infrastructure projects, road networks, services, and new lands, the state has paved the path for stimulating private investment to play its role in the following stage.

The premier confirmed President Abdel Fattah El Sisi’s address on the readiness of state firms and organs, including the Armed Forces, to collaborate with the private sector.

He reaffirmed the state’s intention to list 32 companies on the stock exchange or sell shares to strategic investors before listing all projects later.

 

The tour led the prime minister to three major industrial projects, two of which are in the food industry, while the third is a pioneering project in the automotive industry.

According to Madbouli’s speech, the food industry sectors’ output is sufficient for meeting the demands of the local market and for sale overseas.

On the other hand, he expressed his delight with the work of young Egyptians who successfully converted traditional autos, like minibusses, to electric vehicles.

Moreover, he applauded the high level of thinking shown by these young people, emphasizing the state’s full willingness to help them in every manner possible to increase their output.

Those young people are discussing a production capacity of 5,000 vehicles per year. Madbouli said that the state will work to extend this initiative to a capacity of 100,000 vehicles per year.

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