Investment in the manufacturing industries sector surges to EGP 93.5 bn in FY 22/2023 plan: Minister of Planning

H.E. Dr. Hala El-Said, Egypt’s Minister of Planning and Economic Development, announced directing investments of about EGP 93.5 billion to the manufacturing industries sector, during the current fiscal year 2023/2022, with an increase of 6.1% over the corresponding investments in the previous year.According to El-Said, the non-oil manufacturing industries account for about 80% of the sector’s total investments (EGP 74.1 billion), while the petroleum manufacturing industries occupy the remaining 20% EGP 19.4 billion.This came in the Ministry of Planning and Economic Development report, on the targets and investments of the manufacturing sector in the plan for the current fiscal year 22/2023.
Dr. Hala El-Said referred to the economic importance of the manufacturing sector, as the industrial sector occupies the first place, in terms of contributing to GDP with a share of no less than 16%, in addition to employing a percentage of the workforce that exceeds 15% of the total.The sector's contribution to export activity is increasing by up to 85% of the total non-oil merchandise exports, which qualifies it to take first place with the remittances of Egyptians working abroad on the list of the main sources of foreign exchange generation.She explained that according to the sustainable development strategy "Egypt Vision 2030", the future vision of the industrial sector is for industrial development to be the engine of inclusive and sustainable economic development in Egypt, which meets domestic demand and supports export growth so that Egypt becomes an active player in the global economy, able to adapt to global variables.
Regarding the main objectives of the 2023/22 plan, El-Said said that it is estimated that industrial production, including petroleum refining, would rise from about EGP 2984.7 billion to EGP 3405.3 billion, achieving a growth rate of 14.1%.As predicted, industrial output for the year 22/2023 will reach about EGP 1357.9 billion, an increase of 15.4% over EGP 1176.8 billion compared to the previous year.The report of the Ministry of Planning referred to the main programs of the plan for the year 22/2023, where the plan of the Ministry of Trade and Industry is based on the implementation of four main work programs, represented by the program to stimulate industrial investment and deepen local industrialization.In the program, 100 measures are implemented to stimulate the industrial sector by improving the business environment.


This program also strives to improve the quality of industrial products and make them more competitive in local and foreign markets. This includes the development of standards and quality systems, as well as inspection and testing programs.About the export development program, the report explained that it aims to enhance the presence of Egyptian products they take.