Egyptian Finance Minister Mohamed Maait announced on Saturday that LE5 billion from the state’s budget has been allocated towards the establishment of 13 industrial parks, as part of the government’s plan to reduce the unemployment rate and provide job opportunities for youth across the nation.
In a statement, he said that special attention is being given towards small, medium and micro enterprises. He explained that the new draft law for small, medium and micro enterprises includes tax and customs incentives, recognizing the importance of this vital sector in supporting the national economy in addition to mechanisms that integrate the informal economy.
He pointed towards the allocation of LE6 billion in the state budget this year to stimulate exports as part of a new program in response to the export burden and supporting the export infrastructure, while also deepening the local component across various industrial sectors.
The political leadership is keen to support the local industry and the localization of international expertise and international technology in Egypt, Maait said, adding that they also aim to maximize the utilization of natural resources and make the Egyptian economy more sustainable and diverse, dependent on investment, production and export.
Significant efforts are being done to stimulate investment and increase economic growth, he added, achieving comprehensive and sustainable development. The minister pointed out that the state budget for the current fiscal year witnessed a 40 percent increase in allocations for government investments financed from the public treasury.
Edited translation from Al-Masry Al-Youm