To Tackle Unemployment, Egypt Allocates Over USD 300 Mn To Build 13 Industrial Parks

A weekend statement from the Egyptian Finance Minister, Mohammed Maait, reveals that the country has set aside LE 5 Bn (USD 300, 547, 500) from the state budget to build 13 industrial parks.

Establishing these parks comes on the trail of the North African country’s strategy to tackle unemployment and provide job opportunities for youths. 

Per the statement, special attention is being given to Micro, Small and Medium Enterprises (MSMEs) in the country. The new draft for these growing businesses, which includes tax and custom incentives, takes cognizance of the essence of the sector in upholding the national economy. This recognition comes alongside the various methods used by the government to integrate the informal economy. 

The allocation of the funds from this year’s edition of Egypt’s state budget is in a bid to catalyze exports in the trail of a new initiative that addresses the export burden and supports the export infrastructure. The allocation will as well go into the deepening of the local component across a variety of Egypt’s industrial sectors. 

According to an official statement released by Egypt’s cabinet this August, the rate of unemployment in Egypt has declined in the second quarter of 2019 to 7.5 percent from 9.9 percent.

This improvement comes as a result of repeated efforts by the government to stimulate investments in the country and increase economic growth. Egypt is maximizing the utilization of its natural resources and making its economy more sustainable and diverse, among many other strides. 

According to Maait, the leadership of the country is relentless in bolstering the local industry and the localization of global expertise alongside international technology in the country.

He said that through many efforts, Egypt has been able to achieve comprehensive and sustainable development to an extent. He also explained government investments financed from the public treasury recorded a 40 percent increase in the allocations for the current year’s state budget. 

Featured Image: Bloomberg