He explained that these initiatives would strengthen the
competitiveness of Egyptian factories in global markets and support the
government’s ambitious plans to boost exports and grow the national economy.
In press statements on Wednesday, Zaki said the initiatives
should back the government’s target of raising exports to USD 60 billion
annually within three years by stimulating export-oriented investments. He
noted that empowering the private sector and increasing its role in projects
remain top priorities, a commitment reaffirmed in the State Ownership Policy
Document.
Zaki stressed the importance of flexibility in directing
support to open new markets and enhance the competitiveness of Egyptian
products in highly competitive countries. Such measures, he said, will directly
increase exports.
He also called for expanding the initiative to reach more
factories. Financing should be directed toward purchasing production inputs and
machinery. If successful, the initiative could raise the industrial sector’s
contribution to GDP from 17% to at least 30%.
Zaki recalled that several export councils had urged the
Cabinet on Sunday to broaden the current industrial financing initiative, which
currently covers only seven priority sectors.
He further underlined the need for a government plan to
strengthen Egypt’s industrial base as a key driver of economic growth, reduce
reliance on imports, and expand industrial exports in line with Vision 2030 for
sustainable development.
Investors also called on the Cabinet to introduce a new
initiative dedicated to financing company capital, as the existing program is
limited to production lines and expansions. Some suggested a separate scheme
for the pharmaceutical sector at an interest rate below 15% to support
companies in the industry, without setting an exact percentage.