- Dr. Mohamed Farid:
- We are working to remove challenges facing national industrial entities to maximize their production capacity, and our doors are open to support domestic investment.
- We aim to develop the investment incentives framework to support real manufacturing and increase the added value of Egyptian products.
- The meeting reviewed current investments, future expansion plans, global economic challenges, and proposed solutions.
As part of the State’s direction to deepen partnership with the business community, support industrial expansion, and enhance the private sector’s contribution to economic growth, Dr. Mohamed Farid, Minister of Investment and Foreign Trade (MIFT Minister), met with Eng. Mohamed El Araby, CEO of El Araby Group, and senior company officials to discuss the Group’s latest investment and expansion plans and ways to provide a growth-enabling investment environment.
During the meeting, MIFT Minister affirmed that the government is moving forward with clear policies aimed at supporting industrial investment, deepening local manufacturing, and increasing reliance on local component, noting that the government is continuously developing the investment ecosystem to ensure a more efficient, stable, and attractive business environment for both domestic and foreign investments.
The CEO of El Araby Group reviewed the company’s investment portfolio and noted that the Group has achieved a local Component ratio of up to 90% in its production operations, reflecting the success of localization and industrial deepening efforts. He also pointed out the Group’s role in supporting industrial development by providing products that meet diverse consumer needs.
Dr. Farid noted that MIFT will continue its support for serious industrial projects, particularly those that deepen local manufacturing and increase added value. He stressed that the current phase requires stronger integration between government and the private sector to achieve sustainable industrial development goals.
Moreover, MIFT Minister emphasized MIFT’s keenness to hear the perspectives of leading national investors on improving the industrial development system and investment incentives. The meeting’s discussions covered the Group’s proposals to maximize benefits from the Investment Law and its amendments, particularly in electrical and electronics industries, supplementary industries, and logistics services. The meeting also focused on mechanisms to address global economic shifts and their impact on production costs and capital cycles.
Dr. Farid also stressed that removing procedural and financing obstacles facing local manufacturers is among MIFT’s top priorities to ensure factories operate at full capacity, in parallel with the development and upgrade of the investment incentives framework and local content requirements to support real manufacturing, enhance the competitiveness of Egyptian products globally, and turn current challenges into opportunities for growth and export expansion.
In a step reflecting the State’s Keenness to resolving challenges comprehensively, Dr. Farid confirmed that MIFT will coordinate with all authorities and ministries relevant to the Group’s activity to ensure a unified approach and institutional alignment that accelerates production. MIFT Minister further noted that the goal is to create a fast track for resolving any emerging challenges and ensure alignment between investment policies and industrial plans on the ground.
