SCZone drives Egypt’s industrial push forward

In a scene that reflects the accelerating pace of Industrial investment, Egyptian Prime Minister, Moustafa Madbouli’s tour on Thursday of the Suez Canal Economic Zone (SCZone), specifically, at Ain Sokhna Industrial Area, served as a practical translation of the state’s efforts to drive the economy and push Egypt to be a regional industrial hub. The tour was not merely an inauguration of new factories, but rather a real reading of a wider transformation that taking place in Egypt’s investment landscape, as the state seeks to reshape its economy through industry and strengthen its position as a regional center for production and exports.According to Cabinet data, 9 industrial projects were inaugurated with total investments amounting to $182.5 million, covering an area of approximately 338,000 square meters, providing more than 1,300 job opportunities. The projects varied from heavy industries to pharmaceuticals, textiles and glass, in a clear reflection of a strategy aimed at building an integrated industrial base. This is not a new trend, but it is increasing amid global pressures on supply chains and rising production costs. “The state is intensifying its efforts to encourage Egyptian industry and localize various industries in partnership with the private sectors,”Madbouli noted, emphasizing that this partnership has become a necessity, not an option, to drive the economic growth. In the heavy industries sector, ‘Go Steel’ steel pipe factory with $45 million investment reflects the attempt to reduce dependence on imports, aiming to cover about 60% of the local market’s needs. This step means greater production, saving hard currency and enhancing the economy resilience as well. Moreover, the ‘Steel Structure factory’ with investment of $3 million and production capacity of 15,000 tonnes annually, presents another model based on technology transfer and international partnerships. “The state is strengthening international partnerships and localizing industrial technology to support sustainable development and increase exports,” Madbouli asserted during his tour. In a textile sector, a new factory stands out with investments of $6 million, not only producing for the local market, but also directing about 70 per cent of its production for export. The factory transforms from just production unit into a tool for generating foreign currency and supporting its associated supply chains.In the specialized industries, the heat-resistant glass factory carries a different significance; it relies on more than 90% local inputs and aims to export the majority of its production. This combination of dependence on local resources and export reflects one of the state’s most important priorities, deepening industrialization without isolating itself from global markets. In the pharmaceutical sector, priorities are even more obvious. With the opening of the expansions at the ‘Atlico Pharma’ factory, with additional investments of $10 million that raised the total project to $60 million, the attempt to bridge import gaps in vital products such as medical solutions stands out. Madbouli asserted “The state places the pharmaceutical and medical supplies sector at the top of its priorities.” The SCZone appears as a platform that brings all these projects together. “Today’s opening reflects the diversity of the industrial base within the zone,” Chairman of the SCZone Walid Gamal el-Din, said. “This diversity reflects the success of the strategy to attract quality investments that deepen local manufacturing and increase added value,” he asserted. The post SCZone drives Egypt’s industrial push forward appeared first on Egyptian Gazette.