Madbouly: An industrial boom and investments exceeding $13.5 billion in the Suez Canal Economic Zone
Dr. Mostafa Madbouly, Prime Minister, confirmed that the state has a wide package of news, general topics, and various files, most notably the economic file, which is witnessing very positive developments, pointing to the expansion of the establishment of factories with the aim of creating new job opportunities and enhancing local manufacturing, within the framework of the directives of the political leadership and its continuous support to attract investments.
The Prime Minister explained that the Suez Canal Economic Zone is witnessing a major investment boom, including projects to market aircraft oils, And the establishment of solar panel factories, in addition to a number of international companies competing to establish new factories within the region, stressing that these projects reflect the fruits of the vision of the political leadership and the initiatives that were adopted during the past years, and the incentives provided by the state to investors, especially in encouraging Egyptian-Qatari investments.
Madbouly indicated that the state has already begun to reap the fruits of this effort, with preparations to open major factories during the next few days, pointing out that the total investments in the Suez Canal Economic Zone exceeded 13.5%. Billion dollars, which are huge projects that enhance the capabilities of the national economy, in addition to the signing of a new contract for the production of vaccines.
This came during the press conference held by the Prime Minister, today, at the government headquarters in the New Administrative Capital, where he indicated the presence of important investments and projects in the Qantara West region, a number of which are scheduled to be implemented during the coming period, stressing that the volume of exports amounted to about 4 billion dollars.
Madbouly also announced the opening of the submersible pump factory in Qalyubia Governorate, explaining that Sanitation projects depend mainly on this type of pump, and the state previously needed to import thousands of units from abroad, before efforts were directed towards manufacturing them locally.
The Prime Minister extended his greetings and appreciation to President Abdel Fattah El-Sisi for this directive, stressing that the local product had obtained the necessary accreditation, and that the factory had become able to meet the needs of decent living projects, which reflects the state’s success in localizing the industry and reducing dependence on imports.
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