The government of Egypt has announced the establishment of an industrial city project on an area of 5 million sqm in the New 6th of October city.
Located near the 6th of October dry port, the project encompasses industrial, logistical, commercial, administrative and service activities and will be directly linked to Alexandria Port through a railway network.
In a statement, Mostafa Madbouly, Prime Minister of Egypt, said, “All that matters to us in this context is to accelerate the process of developing proposed industrial zone, with regard to the speed of connecting utilities, building and operating factories, especially since we have previous experience with some industrial developers used to take many years to develop industrial lands, this would hinder development in the region in general.”
The minister added that the government would not “earn a single pound from the price of industrial lands”, but the main concern was the speed of operating factories.
Last year, the government granted operating licenses to 63,736 establishments and approvals for establishing new industrial projects and expansions for 82,152 facilities that provide 4m direct job opportunities. Additionally, the government had conducted 100 stimulus measures to advance Egypt’s industry, including 58 short-term measures, 33 medium-term measures, and nine long-term measures to bolster its industrial sector.
These efforts, in addition to obtaining financing for industrial projects by simplifying procedures, as well as providing tax and customs incentives for importing raw materials and production lines, will contribute to reviving Egypt’s industrial sector.