Industrial Modernization Center: The Manufacturing Sector Accounts for 16% of Egyptian GDP

The industrial sector is the largest component of the Egyptian economy, and the non-petroleum manufacturing sector accounts for 16% of the GDP, Dr. Amr Taha, Executive Director of the Industrial Modernization Center, said. He also noted that the industrial sector is the main engine for economic growth, job creation and export enhancement.

He added that the strategy of the Ministry of Industry and Trade for 2016-2020 is based on a clear vision that makes the industrial development the engine for the economic growth in Egypt, as well as on developing the capabilities of the Egyptian industry to expand and increase the employment opportunities.

During the conference for presenting the Big Industrial Week (BIW), which will be held from October 8 to 10, Taha stated that the exhibition, which is organized by Formika Group for the first time in Egypt and the Middle East, is a global event and one of the most important exhibitions of engineering industries held in Russia.

Eng. Taha said that the exhibition was being arranged during the past one and half years, and it is scheduled to be held in October instead of December, ahead of the upcoming summit between the Egyptian President Abdel Fattah El Sisi and Russian President Vladimir Putin, which is scheduled for next November.

Taha explained that the establishment of such exhibitions in the country stimulates and strengthens the spirit of competition between different local and foreign companies to provide the best offers and services to their customers through these exhibitions that represent a platform for trade and investment.

Mr. Tariq Qashoua, Director of the Technical Office of the Minister of Industry for Strategic Policies, emphasized the Ministry's direction to support economic relations with Russia by supporting businesses and providing all facilities to Russian companies. He emphasized the importance of the participation of the African countries in this conference.

He explained that there is an Egyptian orientation to support the brotherly African countries based on the directives of President Abdel Fattah El Sisi in this regard, expressing the hope that the Russian industrial zone in Egypt will become a reality as soon as possible.