Egypt’s trade and industry minister Tarek Qabil said on Wednesday that The ministry is working on deepening the local industry and attracting more investments، especially in the automotive industry، because it is a labor-intensive industry. in a statement to Sabah on program broadcasted on On Live channel، the minister added that "They set a clear strategy and issued a decision to gradually deepen local industrialization by 1 percent per year” pointing out that this is one of the most important decisions taken recently.
Earlier this month، Qabil said that the state has set the necessary legislations in line with the economic reform decisions، and launched a new investment law، which led to the recovery of investment.
In his word during the Egyptian-Greece-Cypriot business forum، Qabil added “As a result of the recent decisions and legislations، the unemployment rate falls to 11.2%، and the inflation rate reaches 13%”.
Moreover، Kabil noted that all the indications affirmed that Egypt is moving on the right track.