CAIRO: Egyptian President Abdel Fattah El-Sisi witnessed the inauguration of 64 projects on Saturday.
The projects are part of Ebdaa — the national initiative for the development of industry in Egypt.
The launch came on the sidelines of El-Sisi’s inauguration of the first international forum and exhibition for industry at Al-Manara Conference Center in New Cairo.
The Federation of Egyptian Industries organized the event to mark the 100th anniversary of its founding.
El-Sisi inaugurated the expansion of a pump and electric motor factory with the participation of young people from the Ebdaa initiative.
Hossam Farid, chairman of the board of directors of Allweiler-Farid Hassanein Pumps, said that the company was set up in 1982 as a joint venture between German Allweiler GmbH and Egyptian Farid Pumps Co.
El-Sisi affirmed the Egyptian state’s readiness to partner with investors in Ebdaa projects.
He stressed that the state’s goal is to encourage and support industrialists.
“We are ready to enter into partnership with the Ebdaa initiative with rates ranging between 30 percent or 50 percent or more, with the aim of encouraging industrialists in Egypt and for the state to bear part of the risk and reassure them,” El-Sisi said.
“The Ebdaa initiative is about projects for production requirements or products that the Egyptian market needs,” he added.
El-Sisi said that there is a large list of products and equipment that Egypt has imported for several years, adding that the figures and data for those products is available from the Ministries of Industry and Finance and the Central Bank.
He added that as part of the initiative, the state will provide investors with energy — gas or electricity — at reduced prices.
The Egyptian leader said that challenges and crises “generate opportunities,” adding that the state will intervene to solve any obstacles facing industrialists and investors.
He highlighted the need to grow Egyptian export revenues to $100 billion in five years’ time to achieve development and prosperity for Egypt and its people.
The state aims not only to increase exports, but also to achieve self-sufficiency and cover demands in the Egyptian market, he said, adding that such support will lead to stability and high economic growth rates in Egypt.
The president said that he was considering establishing an office to manage new industrial projects and provide facilities for investors in the commerce and industrial sectors.