Mohamed El-Sallab: Industrial investment is the first wall of defense to protect the Egyptian economy from shocks

Iman Alwasili

Representative Mohamed Mostafa El-Sallab, First Undersecretary of the Industry Committee in the House of Representatives, said that industrial investment is the first wall of defense to protect the Egyptian economy from the shocks of the global economy, and makes it more capable of responding to them compared to other activities that are vulnerable to financial crises and global conflicts.

El-Sallab added, in his statements today, that the conference in Egypt, which is being prepared for the industry, which is being prepared to be held at the end of this month, comes at a very important time, coinciding with the global economy going through major economic crises, which is reflected in the Egyptian economy, noting that the countries importing goods are more Those affected, which stresses the importance of moving forward in attracting industrial investment and promoting the process of deepening local manufacturing to increase reliance on industry to provide products locally and for export.

El-Sallab explained that the industrial sector occupies an important position in the Egyptian economy, as its contribution is about 20. % of GDP, and aims to reach it, along with the agricultural and information technology sectors, to a percentage ranging between 30 to 84 % of GDP during the fiscal year 2023/2024.

.Al-Sallab added that the industrial sector is intertwined with many other service and production activities, in addition to its importance in developing foreign trade and improving the balance of payments, as it exceeded its share during the past year. billion of the total Egyptian exports, which amounted to about 82 . 1 billion dollars during 2021.

The first undersecretary of the Industry Committee said that the sector is an ideal activity to provide real job opportunities that add to the Egyptian economy and reduce unemployment rates, as the number of direct employment in the sector exceeds 2.3 million workers, and it is the sector that is able to generate new job opportunities despite the difficult conditions that the global economy is going through. As a result of the Russian-Ukrainian crisis.

The contribution of the industrial sector to the gross domestic product amounted to about 85 billion dollars, the private sector contributed 3% and the public sector by 2021. .7%, and the growth rate of the industrial sector reached 6.3% during a year 2019/2020 Despite the repercussions of the Corona crisis.

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