The Chairman for Industrial Development Authority (IDA) Ahmed Abdel-Razek stated that the Ministry of Trade and Industry aims to reach an 8 percent industrial growth rate by 2020, increase the industrial share in the GDP from 18 percent to 21 percent, and increase the investment value from 43 billion 2016 to 100 billion by 2020.
During his speech at the Intelligent Cities Exhibition and Conference (ICEC) which took place on Monday Oct. 23, Abdel-Razek also described the new industrial license law as a core step to support the strategy to develop and improve the investment environment in Egypt. For example, it decreases the duration to issue a license for an industrial project from 634 days to 30 days.
Abdel-Razek also stated that the state’s investment in infrastructures, to support industrial areas, reached EGP 5.1 billion.
In his speech, he highlighted IDA’s efforts to establish more smart industrial cities to achieve sustainability specifically in being energy efficient, relying on renewable energy sources, and reducing solid waste.
He added that industrial areas before have lagged behind the international standards for health and sustainability. Thus, IDA is working to develop the industrial areas according to sustainability standards with the help of the German aid.
Intelligent Cities Exhibition and Conference (ICEC) 2017 is a two day exhibition and conference held between Oct.23-24. It brings together senior level decision makers and private sector representatives to show case the latest technologies, sustainable solutions, and best practices for managing sustainable cities.