Madbouly announces 176 industrial facilities under construction in the Suez Canal Economic Zone

Madbouly pointed out during the inauguration of new industrial projects in the Suez Canal Economic Zone on Sunday evening that there are 176 other industrial facilities under construction, emphasizing that the importance of existing and new factories is not limited to attracting investments, but extends to providing job opportunities for youth, and localizing and deepening local industry, thereby enhancing the Egyptian economy's ability to increase production.

The Egyptian Prime Minister said that the number of factories in the economic zone is expected to rise to around 400 within a period ranging between 3 and 4 years, amid the continued implementation of new industrial projects and the attraction of local and foreign investments to the region.

He stressed that this development represents, in his words, "the clearest response to what is being raised regarding benefiting from the assets of the Suez Canal," as well as questions about the extent to which the growth of the Egyptian economy is linked to real productive sectors.

The Suez Canal Economic Zone holds strategic importance in Egypt's plans to attract industrial and logistical investments, benefiting from its location extending along both sides of the Suez Canal and its proximity to global trade routes, allowing factories established there access to local and foreign markets.

In recent years, Egypt has been working to transform the area from a mere shipping corridor into an integrated hub for industry and logistical services by developing industrial zones and ports and connecting them to transport networks, alongside offering incentives to investors in sectors that the state aims to localize and increase local components within.

Madbouly noted that Egypt possesses dozens of similar industrial and investment zones that can contribute to creating job opportunities for millions of young people who join the labor market annually, emphasizing the importance of expanding productive projects as one of the main pathways to support the economy.

The increase in the number of factories in the Suez Canal Economic Zone comes at a time when Cairo is betting on industrial investment, increasing exports, and deepening local manufacturing as essential tools to raise production rates, provide job opportunities, and attract foreign currency.