Egypt Independent

201 projects worth LE2.3 billion approved in April: Industry Minister



Trade and Industry Minister Tareq Qabil said that 201 industrial projects, with total costs of LE2.3 billion, received final approvals inside and outside the industrial zones in April. The projects will provide 6,244 jobs.

During a discussion of a report on the performance of industrial development in April, Qabil said the approvals included nine industrial sectors with 57 approvals for food projects, 46 approvals for engineering projects, 43 approvals for chemical projects, 28 approvals for spinning and weaving, three approvals for pharmaceutical projects and others.

The Minister added that these positive indications reflect the Ministry’s strategy to boost industrial development until 2020, target increasing the industrial growth to up to 8 percent, increase its contribution to the gross domestic product up to 21 percent from 17.7 percent, enhance institutional performance and providing three million jobs.

The approvals, according to the report, included 20 governorates with Cairo on top gaining 34 approvals, followed by Sharqia with 32 approvals and Giza with 27 approvals.

The report also tackled the expansion of industrial zones in April 2016. Seventy-eight investors gained approvals to expand their industrial establishments with total costs of LE5 billion in 2017, compared to 73 investors who obtained approvals on investments with costs of LE3 billion during the same period last year.

Ahmed abdel Razeq, head of the Industrial Development Authority, said 110 projects gained preliminary approvals compared to 101 approvals in April 2016. Contracts for areas of 18,794 meters at the industrial zones in 6th of  October and 10th of Ramadan were ratified.

 

Edited translation from Al-Masry Al-Youm