Al Wazir began his engagements with Uğur Dalbeler, Vice President of the World Steel Association and the Turkish Steel Producers' Association. Discussions focused on enhancing cooperation in the metal industries, particularly the iron and steel sector, a strategic pillar for sustainable development in both nations.
The Minister emphasized President Abdel Fattah El-Sisi's
priority on expanding heavy industries and technology transfer, welcoming
initiatives that boost local manufacturing and exports. He highlighted the
rapid growth of Egypt's iron and steel sector, driven by urban expansion and
industrialization, asserting that localizing heavy industries is crucial for
self-sufficiency and increased industrial exports.
Al Wazir also stressed the importance of collaborating with
major international bodies like the World Steel Association, which comprises
over 160 entities from 69 countries. He identified the Turkish Steel Producers'
Association (TISPA) as a promising strategic partner, noting its active role in
the global association and its representation of nearly 90% of Turkish crude
steel production.
He later participated in a roundtable organized by the Independent
Industrialists' and Businessmen's Association (MUSIAD), alongside its
president, Burhan Özdemir, and leaders of major Turkish firms across various
sectors including chemicals, textiles, energy, construction, iron and steel,
logistics, and food industries.
Expressing satisfaction at meeting Turkish business leaders,
the Minister underscored the significance of Egyptian-Turkish cooperation,
given their diverse economies and robust industrial bases. He showcased Egypt's
investment advantages, including new incentives for foreign investors, offering
up to 55% of investment value for funds transferred from abroad. He also
highlighted the Investment Law No. 72 of 2017, which provides tax exemptions
and discounts of up to 50%, coupled with competitive labor costs, strong
infrastructure, and Egypt's strategic geographical position at the nexus of
three continents.
Engineer Kamel Al Wazir detailed Egypt's extensive network
of free trade agreements with North and East Africa, the Arab region, the
European Union, EFTA, MERCOSUR, and the QIZ protocol with the United States. These
agreements provide access to markets with over 1.5 billion consumers,
positioning Egypt as a prime hub for production, export, and growth.
He announced that Egypt's industrial sector aims for a
production volume of $227 billion by 2030, with an ambitious annual growth rate
of 20%. El Wazir reaffirmed the Egyptian government's full support for Turkish
investors, especially in the real economy and industrial sectors, and called
for sustainable industrial partnerships. He assured Turkish investors of
comprehensive government backing should they choose to invest in Egypt.
A presentation followed, highlighting the participating companies' key products and potential areas for cooperation with Egypt. Competitive advantages across various Egyptian industrial sectors, including petrochemicals, home appliances, automotive components, engineering goods, leather products, and textiles, were also reviewed, along with sector-specific incentives and trade agreements.