Industrialization real challenge for Egypt, says prime minister

By Gokhan Ergocun

SHARM EL-SHEIKH, Egypt (AA) – Industrialization is one of the primary challenges for Egypt, Prime Minister Mustafa Madbuli said on Friday as he laid out the government’s plans to tackle the economic problems plaguing the country.

Egypt attaches great importance to industrialization and is focused on bolstering its private sector for progress toward this objective, Madbuli said at the Islamic Development Bank Group’s (IsDB) annual meeting underway in the Egyptian resort town of Sharm el-Sheikh.

He said the government intends to grant certain facilities to the private sector as part of its strategy to encourage industrialization.

The strategy, according to Madbuli, envisages a greater role for the private sector in the management and implementation of all major projects.

“Major projects should be done entirely by the private sector, not by the public sector anymore,” he said.

This, he continued, will also help boost employment in the country.

Egypt currently has a population of around 103 million, a figure that is rapidly growing, and needs to add 1 million new jobs every year, Madbuli explained.

“Achieving this objective requires significant investments. Our government has so far created 5 million new jobs through infrastructure projects,” said Madbuli, who has been the country’s prime minister since 2018.

He also touched on Egypt’s green economy strategy, saying the country has important projects in the works to harness its immense solar energy potential and propel itself to global importance as a green energy hub.​​​​​​​