Egyptian Minister of Industry and Foreign Trade Hatem Saleh said Tuesday (February 26th) that energy subsidies for industrial firms will be phased out over the next three years, the Egypt Independent reported.
"There are 100 intensive-energy consuming factories that use 70% of the subsidies, while 95% of the industrial output comes from low-energy consuming factories," he said. "We will focus on labour-intensive industries."
Speaking at an Egyptian-Swiss Businessmen Association symposium, Saleh said electricity-saving technology and initiatives will become more common, promoting the use of energy-saving light bulbs manufactured locally.
Negotiations are under way with the finance minister to increase the budget of the Export Development Fund to boost economic drivers, he said.
"And we will form another fund to support tourism beginning of the new fiscal year," he added.
The government is keen to remove obstacles to investors and manufacturers, he said, noting that 5.4 million square metres have been allocated for industrial projects.