{"id":613415,"date":"2024-01-15T00:00:00","date_gmt":"2024-01-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/15\/the-madbouly-government-is-getting-behind-local-industry-in-bid-to-drum-up-fx\/"},"modified":"2024-01-15T00:00:00","modified_gmt":"2024-01-15T00:00:00","slug":"the-madbouly-government-is-getting-behind-local-industry-in-bid-to-drum-up-fx","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/15\/the-madbouly-government-is-getting-behind-local-industry-in-bid-to-drum-up-fx\/","title":{"rendered":"The Madbouly government is getting behind local industry in bid to drum up FX"},"content":{"rendered":"

If there\u2019s one thing Prime Minister Moustafa Madbouly has done with metronomic<\/strong>consistency since October, it\u2019s his monthly visits to manufacturers <\/strong>in a bid to draw attention to Egypt\u2019s natural position as an export hub serving Europe, Africa, the Middle East and beyond. <\/p>\n

Last week\u2019s stop: <\/strong>Sokhna Industrial Zone, where he stopped in on manufacturers producing steel<\/a>, plastic<\/a>, digital devices<\/a>, lighting<\/a>, and hygiene products<\/a>.<\/p>\n

The PM\u2019s tours of manufacturers has become a staple of his agenda<\/strong> as his government looks to industry as a solution to our FX problems. \u201cThe lesson that we should all have learned now from the crisis is that we, as a country, must possess our production capabilities to the greatest extent possible. Every week, we sit with investors, we hold meetings to discuss attracting more investment and how we can remove any obstacles facing this vital sector,\u201d Madbouly said in November.<\/p>\n

One per month: <\/strong>Madbouly swung through South Port Said industrial zone in October, 10 Ramadan City in November, Sadat City in December, and Sokhna Industrial Zone last Thursday. <\/p>\n

\u201cThis is our main concern today: Industry, Industry, Industry,\u201d <\/strong>Madbouly said.\u201cManufacturing accounts for 17% of the Egyptian economy, a figure that grows. How can we flip the equation to make our exports more than our imports \u2014 or at least cover our needs through local production? Every factory, every expansion reduces our import bill,<\/strong>\u201d he added.<\/p>\n

It's a long game, the PM says: \u201c<\/strong>The example we see here is a foreign investor who believes in the capabilities of this country, who is investing mns in foreign currency in a short period of time. They know that they are making investments for 20, 30, or 40 years from now. They are fully aware it\u2019s a passing crisis and will end,\u201d Madbouly said during a November visit<\/a> to a USD 135 mn complex in Tenth of Ramadan City owned by China\u2019s Haier.<\/p>\n

Not only goods, but services: <\/strong>Madbouly also paid a visit in November to a number outsourcing and technology services companies, a sector his government thinks will generate USD 9 bn in export receipts annually by 2026. The Export Development Fund has been discussing adding digital design and development services to its export subsidy payout program, according to a Trade Ministry statement last month<\/a>.<\/p>\n

As we said in late 2022 in our <\/strong>five-step recipe<\/a><\/strong> to boost exports and FDI: <\/strong>Manufacturing is crucial. Unlike services, it\u2019s also slow to get into production and capex-heavy during the buildout. We\u2019ll be talking more about service exports in the weeks to come\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"

PM Madbouly has been visiting an industrial zone every month as part of a campaign to support local industry<\/p>\n","protected":false},"author":1,"featured_media":613416,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8296],"tags":[72,7196,131,281,8295],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-613415","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sign-of-the-times","tag-enterpriseam","tag-industry","tag-manufacturing","tag-moustafa-madbouly","tag-sign-of-the-times","wpautop","entry"],"acf":{"mongo_id":"065926b9-d12f-499b-a460-682b592d15ae","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/879.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt is getting behind local industry in bid to drum up FX","related_issue":[613408],"teaser":"PM Madbouly has been visiting an industrial zone every month as part of a campaign to support local industry","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.fe691cdb-9115-4ee1-9afb-c7140617dbd5.mp3"},"yoast_head":"\nThe Madbouly government is getting behind local industry in bid to drum up FX - 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The Finance Ministry will be in\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":597380,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/24\/pm-establishes-industrial-zone-for-smes-in-benha\/","url_meta":{"origin":613415,"position":1},"title":"PM establishes industrial zone for SMEs in Benha","author":"enterpriseam admin","date":"24 July 2019","format":false,"excerpt":"Prime Minister Moustafa Madbouly issued a decree to create a specialized industrial zone in Benha, Qalyubia, dedicated to establishing SMEs, the cabinet said in a statement.","rel":"","context":"In "Other Business News of Note"","block_context":{"text":"Other Business News of Note","link":"https:\/\/enterpriseam.com\/egypt\/category\/other-business-news-of-note\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":593822,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/10\/55-russian-manufacturers-show-interest-in-the-riz\/","url_meta":{"origin":613415,"position":2},"title":"55 Russian manufacturers show interest in the RIZ","author":"enterpriseam admin","date":"10 October 2019","format":false,"excerpt":"Fifty-five Russian manufacturers want to get in on the RIZ: Fifty-five Russian manufacturers have expressed interest in setting up shop in the USD 7 bn Russian Industrial Zone (RIZ), Russian Industry and Trade Minister Denis Manturov told Egyptian counterpart Amr Nassar yesterday, according to a Trade Ministry statement (pdf). Moscow\u2026","rel":"","context":"In "Diplomacy + Foreign Trade"","block_context":{"text":"Diplomacy + Foreign Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/diplomacy-foreign-trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":549365,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/14\/oppo-set-to-assemble-mobile-phones-in-egypt-as-madbouly-reviews-investment-pledges\/","url_meta":{"origin":613415,"position":3},"title":"Oppo set to assemble mobile phones in Egypt as Madbouly reviews investment pledges","author":"enterpriseam admin","date":"14 September 2022","format":false,"excerpt":"All the industrial investment: Chinese mobile maker Oppo has inked an agreement to build a USD 20 mn factory in Egypt. The announcement came the same day Prime Minister Moustafa Madbouly met with nine foreign and local companies to follow up on pledges to invest more than USD 1 bn\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/215.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549888,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/04\/manufacturers-listen-up-at-the-coming-economic-conference\/","url_meta":{"origin":613415,"position":4},"title":"Manufacturers: Listen up at the coming economic conference","author":"enterpriseam admin","date":"4 October 2022","format":false,"excerpt":"Manufacturers can expect to get a \u201cclear\u201d strategy on how the government plans to shore up local industry at the upcoming economic conference, which is scheduled for 23-25 October, Prime Minister Moustafa Madbouly said, according to a cabinet statement. The strategy is being drafted in coordination with industry players and\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":588010,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/05\/saudi-industry-minister-talks-industry-mining-on-visit-to-egypt-plus-suez-canal-blockage-bank-abc-to-sell-blom-unit\/","url_meta":{"origin":613415,"position":5},"title":"Saudi industry minister talks industry, mining on visit to Egypt. PLUS: Suez Canal blockage, Bank ABC to sell Blom unit,","author":"enterpriseam admin","date":"5 June 2023","format":false,"excerpt":"Minister met with PM Madbouly and Industry and Trade Minister Ahmed Samir yesterday","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/171.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/613415","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=613415"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/613415\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/613408"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/613416"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=613415"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=613415"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=613415"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=613415"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=613415"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}