Egypt in the past period was literally faltering in the industrial sector. After the formation of the new government, developments occurred that would completely change the map of industry in Egypt. I wonder what these developments are… and what is the government’s plan to revive the industrial sector.
In order to remain in agreement before March 2024, Egypt was suffering economically, thanks to the black market in trade in foreign currencies, which was a specter that completely threatened the Egyptian economy, and had it not been for the decision that came at the time to completely liberalize the exchange rate of the Egyptian pound in front of foreign currencies. The situation would have been completely different from the way it is now.
Ok, what was happening in Egypt that caused a crisis that stopped a large number of projects?
The period that was before the economic reform decision, which the government carried out, specifically in the month of March 2024, during which the black market was in full force and which was controlling everything in the country, specifically prices.. and one of the prices that the black market was controlling to a large degree were prices. Raw materials, which were at a new price every day, and of course the price tomorrow will be much higher than today’s price, and therefore the Egyptian market was completely unstable and this is something It is essential to make any investor think a million times before entering any country to build an industrial facility or operate a factory that will provide job opportunities for thousands of young people and be a fundamental reason for increasing the country’s export share.
The changing prices, the failure to provide the dollar to importers, and the instability that existed in the Egyptian market made Egypt, for investors, a country that repelled any investment, and this is what actually happened, especially since a large number of factories that were operating and carrying out their work on a daily basis completely stopped, and this is what left Egypt remaining in it 12 A thousand factories stopped working.
So, what did the government do to restart these factories?
The issue of troubled factories is one of the thorny files that the government has made a priority in its economic agenda. Direct assignments have been issued to the team, Kamel Al-Wazir, Deputy Prime Minister for Industrial Development and the Minister of Industry and Transport, on the necessity of taking direct steps to solve the problems of troubled factories, and in fact the government has begun to make an inventory of all the factories that have stopped. About work.
After the government made an inventory of the factories that stopped working, and the number reached 12 thousand factories, the state proposed more than one initiative through the Central Bank to finance projects with large capitals to revive the factories that had stopped working, and through them, large amounts of money were pumped to operate the factories that had stopped working.
Not only that, no, the government has also proposed more than one initiative to help stalled factories to redefine their products to the Egyptian citizen, such as the “Ebda” initiative, which aims to reacquaint the citizen and foreign consumer with Egyptian products, their quality, and the possibility of exporting them. The government also knows the problems that exist in the industrial sector so that it can have plans. To solve it.
