With the new Egyptian government led by Dr. Mostafa Madbouly taking office about two weeks ago, it was clear that the industry and investment sectors were at the top of its priorities for the upcoming phase. A ministry for investment has been established, and Major General Kamel Al-Wazir has been appointed as Deputy Prime Minister for Industrial Development and Minister of Transport and Industry, who made important statements in this context.
During the program "Kalam Fi Al-Siyasa" broadcast on "Extra News" channel on Tuesday evening, Al-Wazir stated that he has a plan to rationalize imports by increasing local manufacturing, aiming for high-quality production that can compete both locally and internationally. He confirmed that if the industry in Egypt is developed, hard currency will be injected, which will decrease the demand for the dollar and increase the value of the Egyptian pound against foreign currency. He pointed out that the dollar price is expected to drop to 25 pounds if the industrial sector develops, as well as the price of a loaf of bread falling from 120 piasters to 60 piasters.
The minister also mentioned that there is a comprehensive plan to boost Egyptian industry in the coming period based on five axes, including resolving issues facing struggling factories. He emphasized the need to address these problems, whether administrative or financial, and stated that he will coordinate with major banks, the Central Bank, and the government to assist these struggling factories in resuming their production based on their specialties. He added, "We will solve the problems of all factories that obtained licenses as long as the decision to resolve lies with the ministry."
Al-Wazir confirmed that Egypt has 152 investment opportunities in the industrial sector that they want to act on immediately, highlighting that ceramics and rebar industries are distinguished, as well as textile industries, all of which can compete internationally, which they will work on to encourage and increase exports.
He stated that he has directives from President Sisi to expand industry, as it is the future of Egypt, adding, "We are working to develop industry so that it reflects positively on the daily life and living conditions of citizens." He also stressed that technical support will be provided to factories to ensure they are globally competitive and produce high-quality products.
Al-Wazir also addressed the achievements of the Ministry of Transport, stating that Egypt's road quality has improved from 128th to 18th place, along with a decrease in accident rates in the country. He emphasized that focusing on public transport in Egypt has contributed to reducing fuel consumption, citing the World Bank's announcement that Egypt's reliance on developing roads and public transport has saved it $8 billion annually.
He highlighted the importance of infrastructure and road projects and their role in sustainable development across various sectors, including industry, agriculture, and tourism, noting that German and Russian tourists were among the first to demand the implementation of a high-speed train between Hurghada and Luxor. He stated, "Tourists want to visit Hurghada to enjoy diving and beach tourism as well as the cultural tourism in Luxor, Aswan, and Abu Simbel, as well as religious tourism. Therefore, linking Egypt with a strong infrastructure was a key government priority."
