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El Fayoumi: Feeder industries drive economic development

Businessmen Team economy 03 August 2025 10:10 PM
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El Fayoumi: Feeder industries drive economic development

Mohamed Attia El Fayoumi, Chairman of the Qalyubia Chamber of Commerce and Treasurer of the Federation of Egyptian Chambers of Commerce, stated that supporting feeder industries is the true driver of economic development in the upcoming period.

El Fayoumi highlighted that feeder industries represent the cornerstone of building a sustainable industrial renaissance. He stressed the need to boost local production through well-structured measures that improve supply chains, reduce bureaucratic barriers, and establish partnerships with international companies to transfer technology and know-how.

He noted that feeder industries currently make up 15 to 20 percent of Egypt’s industrial sector, with a national target to raise this share to 35 percent by 2030.

El Fayoumi emphasized that strengthening feeder industries is essential to reducing dependence on imports and enhancing domestic manufacturing. He added that this is in line with the current direction announced by the Minister of Investment.

He called for a package of targeted incentives such as tax, insurance, and procedural support to foster the growth of feeder industries, particularly for small and medium-sized enterprises (SMEs) that face early-stage financial challenges.

El Fayoumi concluded that investing in feeder industries would help reduce demand for the US dollar by lowering reliance on imported components, while simultaneously increasing the local content of Egyptian exports. This dual effect would ease pressure on foreign currency demand and boost dollar inflows into the economy.