Cairo – Mubasher: Egypt's Minister of Planning Hala Elsaid stated that the estimated investments in the manufacturing industry for the fiscal year (FY) 2020/2021 plan amount to EGP 80.6 billion.
The manufacturing sector is the key driver of economic development, given its high output and ability to generate high and accelerating growth rates, according to a statement on Thursday.
The industrial sector contributes around 17% of the gross domestic product (GDP) and employs around 15% of the total labour force, while the number of workers at small and micro enterprises exceed half a million.
Exports of this sector, which are the main source of foreign currency, represent between 60% and 65% of total Egyptian exports and make up between 80% and 85% of total non-petroleum exports.
Given the coronavirus crisis and its implications, the strategy of the FY20/21 plan will focus on industries that were seen as vital during the pandemic and thus should be developed. This includes pharmaceuticals and antiviral drugs.
Other industries such as spinning and weaving and engineering industries will be targetted as well in an effort to meet the local demand. Moreover, the local manufacturing of production supplies will be increased so as to guarantee smoothness and continuation of work while keeping the wheels of production in motion.
