Investors from various industrial sectors are calling for the transformation of the Industry Modernization Center into a comprehensive platform that connects local factories with global supply chains. This initiative aligns with the Ministry of Industry's efforts to restructure the center and enhance its role in technology transfer and expertise.
During meetings with "Al-Borsa", investors emphasized the importance of developing the center's operational mechanisms to make it more effective in providing technical support, enhancing community dialogue, and facilitating financing for factories. They stressed the necessity for the center's role to extend to preparing specialized technical studies on the latest production lines and industrial technologies.
Event Details
Walid Al-Kafrawi, Chairman of the Mahalla Spinning and Weaving Company, highlighted the importance of redirecting the center's role to support technological modernization within factories, rather than focusing on promotional activities. He also emphasized the need to facilitate access to affordable financing for the purchase of modern machinery and equipment.
On the other hand, Ali Radwan, a member of the Chamber of Metal Industries, affirmed the importance of organizing community dialogue with various stakeholders in the industrial system before issuing any decisions related to the sector. He explained that this dialogue is essential to address the multiple challenges facing industrial sectors.
Background & Context
The Ministry of Industry aims to form a committee of local and international experts in coordination with higher education to develop initiatives that support the industry. The goal is to enhance the connection between scientific research and industrial application, contributing to the development of the private sector.
Furthermore, Ihab Fawzy El-Sakka, a member of the Chamber of Chemical Industries, pointed out that the restructuring of the center should focus on achieving the concept of "industry modernization" practically, through specialized training and qualification programs aimed at informing companies about global market requirements.
Impact & Consequences
The current phase for the Industry Modernization Center requires directing its efforts towards localizing production requirements and reducing reliance on imports. Jaber Al-Tahami, a member of the Chamber of Engineering Industries, emphasized the importance of providing flexible financing tools to support industrial experiments.
He also noted that approximately 90% of raw materials can be produced locally, representing an opportunity to reduce dependence on foreign sources. However, the lack of financing capable of absorbing risks remains a barrier to localizing industry.
Regional Significance
Developing the Industry Modernization Center represents an important step towards enhancing the competitiveness of the Egyptian economy in regional and international markets. It can also contribute to improving the business environment and attracting foreign investments.
In conclusion, enhancing the role of the Industry Modernization Center requires the integration of efforts between the government and the private sector to ensure the achievement of the desired goals in developing Egyptian industry.