Egypt is moving quickly to establish itself as a manufacturing hub, with four of the top five smartphone makers, Samsung, Vivo, Oppo, and Xiaomi, deciding to open factories there.
Prime Minister Mostafa Madbouly emphasised these strategic initiatives during a tour of the 10th of Ramadan, the country’s largest industrial zone. In order to strengthen Egypt’s standing in the smartphone manufacturing sector, the goal is to draw in Apple, the fifth tech giant.
Madbouly visited a number of factories, one of which was focused on manufacturing sanitary napkins to the highest standards for a range of global brands.
President Abdel El-Sisi reaffirmed the Egyptian government’s commitment to developing and bolstering the industrial sector, which is exemplified by this visit.
The Prime Minister mentioned the government’s initiatives to draw major international corporations to Egypt with the goal of producing high-value local goods and promoting an atmosphere that is favourable to foreign investment.
He underlined the government’s plan to improve relations with foreign manufacturers and investors by providing them with the resources they need to carry out their plans to expand into the Egyptian market, especially those that involve exports.
One of the main tenets of Egypt’s larger economic strategy is the aggressive drive to diversify the country’s industrial base and increase export potential in order to establish a more significant presence in the world financial scene.
In an effort to lessen the pressure on foreign reserves and liquidity, the government is aggressively working to improve its investment attraction status. This includes lowering its import bill.
Global rating company Fitch changed Egypt’s outlook from stable to positive earlier in May. Egypt’s rating of “B-” was maintained by the agency due to lower external financing risks and higher foreign direct investment.
International investors have flooded Egyptian Treasury bills with billions of dollars since the country announced the IMF loan programme.
Egypt’s net foreign assets deficit decreased by USD 17.8 billion in March following the aid from the United Arab Emirates and the investment in the nation’s foreign portfolio.