Egypt is pushing forward with the modernisation of its industrial sector through state-owned companies, aiming to enhance production capacity, competitiveness, and export growth, Minister of Public Business Sector Mohamed Shimi said at the 11th Akhbar Al-Youm Economic Conference, the Egyptian Cabinet has reported. The ministry's comprehensive strategy includes factory upgrades with advanced technology, the revival of key industries, and the introduction of new production lines. Efforts also focus on import substitution, improving operational efficiency, and creating an investment-friendly environment, Shimi stated. Highlighting recent developments, he noted that the first phase of the national textile industry overhaul has been completed, including three new factories, one of which is the world's largest spinning facility. Other initiatives include upgrading state-owned pharmaceutical companies, expanding fertiliser production, and relaunching El Nasr Automotive Company to manufacture Egyptian-made buses, while preparations are underway to launch passenger car production in partnership with local and international firms. Additionally, Aluminium Company of Egypt (Egyptalum) is developing a new smelter and expanding its product range, while Egyptian Chemical Industries (Kima) is restarting its ferro-silicon furnace with private sector involvement. Mining projects include El Nasr Mining's phosphate concentration initiatives and a phosphate fertiliser complex with local and foreign investors. The minister noted that state-owned enterprises offer major investment opportunities across various industries, including heavy manufacturing, renewable energy, and advanced technology, as part of efforts to attract domestic and foreign investors. Attribution: Amwal Al Ghad English Subediting: M. S. Salama
