Prime Minister Mostafa Madbouly announced that Egypt has identified over 150 categories of imported goods, totaling more than $25 billion in cost. Speaking to reporters on Wednesday, he said the government is offering substantial incentives to reduce imports as much as possibleThe incentives include simplified procedures, land allocation, and subsidised financing, where the state covers half the interest on loans for key industries.The PM also noted that the Industrial Development Group will lead efforts to ease business procedures and stimulate investment.Tourism Sector Growth and Infrastructure InvestmentsMadbouly highlighted the importance of the tourism sector, revealing that Egypt had been on track to exceed 18 million tourists annually before the regional conflict. Despite challenges, the sector continues to grow, supported by government investments in infrastructure. This includes airport management upgrades and high-speed railway projects aimed at boosting tourist inflows.Energy Sector Focus on RenewablesThe Prime Minister also addressed Egypt’s energy strategy, announcing plans to reduce fossil fuel imports by expanding renewable energy sources. The Egypt-Saudi electricity interconnection project is a key part of this initiative, designed to enhance electricity generation with minimal fossil fuel usage. Recent petroleum imports were made to avoid summer power outages, but the government plans to cut fuel imports next year.Rising Remittances and Monetary ConfidenceRemittances from Egyptians abroad reached $3 billion last month, reflecting confidence in Egypt’s monetary policies and the stability of the exchange rate. Madbouly attributed this to sound fiscal management and stability in the foreign exchange market. (ICE IL CAIRO)

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