Egypt’s Prime Minister Mostafa Madbouly announced Sunday that the government would set a comprehensive strategy to increase the percentage of local components in industrial products, calling it a matter of life and death to the government.
During a meeting with Minister of Trade and Industry Amr Nassar, Head of Medium and Small Enterprises (SMEs) Neven Gamea and several chairmen of major companies, Madbouly said that the increase of local components would sustain Egypt’s development rates.
Cabinet spokesperson Nader Saad said that the meeting also discussed plans for manufacturing product inputs in the local market instead of importing them.
The increase of local production will help reduce the gap in the trade balance and provide several job opportunities
Madbouly agreed on holding separate meetings with the industrial and trade unions in May 19 and hear union recommendations on the increase of local components in the industrial products.
Edited translation from Al-Masry Al-Youm