Egypt seeks to increase industrial production to LE 4.3 trillion in FY 23,24
Wednesday، 28 June 2023 - 11:50 AM
The economic and social development plan for the fiscal year 2023/2024 included a number of important figures and recommendations regarding the industrial sector in Egypt.
In its report, the Industry Committee confirmed that the industrial sector is one of the leading sectors in increasing productivity and labor absorption capacity, and growing export capabilities.
It ranks first in terms of its contribution to the GDP by no less than 16%, its employment of about 3.5 million workers (about 13% of the total labor force in Egypt), and its contribution of up to 85% of the total non-oil peaceful exports.
The committee emphasized that the state is keen in its plan for the current fiscal year with regard to investment trends to focus on the industrial sector with the aim of working to pursue global knowledge and technological developments to enhance the competitiveness of the Egyptian economy. and the competitiveness of the industrial sector, which focuses on developing the comprehensive system of standards, quality and control.
This is in addition to the large industrial export development program to meet local needs, increase exports and expand the establishment of industrial communities in the governorates that are less fortunate in investments and give additional incentives to encourage investment to achieve geographical balance in industrial development.
The state also aims to encourage the settlement and development of promising industries, such as: developing and modernizing the pharmaceutical industry, producing vaccines and facilitating drug registration procedures, while setting incentives for factories to develop and expand their industry.
The state aims to increase industrial production from about EGP 3.6 trillion in 2022-23 to EGP 4.3 trillion in the 23/2024 plan, with a growth rate of more than 19% at current prices, reaching about EGP 5.74 trillion at the end of the 25/2026 plan, recording a growth rate of approximately 15% compared to the corresponding production in the previous year.
The state also seeks to bring industrial output at current prices to about EGP 2.46 trillion by the end of 2026/25, compared to about EGP 1.83 trillion in 2023/2024, with an average annual growth rate of more than 18% during the years of the plan.
The plan aims to increase real output for the industrial sector, to reach about EGP 1.37 trillion at the end of the plan, compared to about EGP 1.29 trillion in 2023/2024.