Egyptian industries member stresses the importance of increasing local production and exports to overcome economic crises, by meeting local market demands, reducing imports, and saving foreign currencies.

In a recent statement, Mohamed Abdel Hady, a member of the Engineering Industries Chamber at the Federation of Industries, emphasized the crucial role of the government in endorsing immediate and exceptional incentives for factories and companies that target increasing the local component in their products, and working on providing local alternatives for imported products that cost the state billions of dollars.

Abdel Hady also highlighted that deepening local industries and increasing exports represent a real locomotive for economic development, and the government must support both sectors through all means possible.

He added that all local factories operating in the Egyptian market need real support from the state and the relevant authorities to enable them to continue their production activity and reduce the burdens caused by the economic variables resulting from the Russian-Ukrainian war.

He pointed out that many Egyptian industrial opportunities exist despite the current circumstances, specifically in the areas of components and production supplies. He urged the government to facilitate procedures for granting lands, industrial licenses, and providing necessary financing with extremely simplified interest rates.

Egypt's efforts to digitalize its services and reduce bureaucracy have led to positive outcomes for the country's economy, making it more attractive to investors. The government's commitment to supporting local industries and exports is a significant step towards achieving economic stability and growth.