Egypt is stepping up efforts to revive and reform its iron and steel industry as part of a broader strategy to reduce foreign exchange pressure and boost exports, Prime Minister Moustafa Madbouly said Sunday. Speaking at a high-level meeting with key Cabinet ministers, investment officials, and industry leaders, the prime minister said the government views the steel sector as a strategic priority, with the potential to serve as a regional manufacturing hub and a key driver of industrial growth. "The goal is to enhance Egypt's competitive edge in global markets and support localisation of production to ease pressure on foreign currency," Prime Minister Madbouly told attendees. "This industry is vital not only for infrastructure but also for feeding value chains across engineering, construction, and manufacturing sectors." The meeting, which included Minister of Industry and Transport Kamel El-Wazir and Minister of Supply Sherif Farouk, addressed challenges facing the sector, including access to raw materials, licensing issues, and regulatory hurdles. Heads of leading iron and steel companies also presented proposals to improve production capacity and expand exports. According to a Cabinet statement, the discussions focused on ensuring supply chain integration and boosting local content to reduce dependence on imported inputs. Officials also reviewed steps to formalise unlicensed operations in the sector and align them with national industrial standards. Prime Minister Madbouly stressed that President Abdel Fattah El-Sisi has placed industrial development, particularly in sectors with high economic multipliers like steel, at the forefront of Egypt's economic strategy. The government aims to attract new investment by offering incentives, streamlining procedures, and supporting private-sector-led growth. Egypt's push to strengthen domestic industry comes amid ongoing efforts to stabilise the economy, rein in inflation, and improve the country's external balance through export-led growth and reduced reliance on hard currency imports. Attribution: Amwal Al Ghad English
