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Tuesday, 4 October 2022

Manufacturers: Listen up at the coming economic conference

Manufacturers can expect to get a “clear” strategy on how the government plans to shore up local industry at the upcoming economic conference, which is scheduled for 23-25 October, Prime Minister Moustafa Madbouly said, according to a cabinet statement. The strategy is being drafted in coordination with industry players and will build on the outcomes of the public consultations with stakeholders in different industries to discuss the government’s state ownership policy document. You can refresh your memory of what went down with the pharma industry, engineering and automotive industry reps, FMCG players, textiles and garments manufacturers, and the printing and packaging industry in our previous editions of Inside Industry.

More subsidies on the table for exports to Africa: The finance and trade ministries stand ready to increase export subsidies for Africa-bound products as part of the wider strategy to boost exports, Finance Minister Mohamed Maait told Prime Minister Moustafa Madbouly, according to a statement. The government is also in negotiations to establish a logistics zone in an African country, in addition to an existing zone in Tanzania, Assistant Foreign Minister for African Affairs Sherif Eissa said, without disclosing any more details.

Other things we’re keeping an eye on this morning:

  • The first phase of the Ring Road expansion — covering 76 km between Alexandria Agriculture road and New Cairo — is complete. (Statement)
  • Suez Canal Bank has granted home appliances player Fresh Group a EGP 450 mn revolving loan at an 8% declining interest rate under the central bank’s soft loans program that supports exporters. (Al Mal)
  • Bus to Damascus: Transport Minister Kamel Al Wazir and his Jordanian counterpart discussed launching a Cairo-Damascus bus line in coordination with several transport companies. (Statement)
  • Mas Electric wants to establish an EGP 40 mn freezers and display refrigerators factory in Tenth of Ramadan City this year, to start operations in 2024. (Al Borsa)

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