Government introduces incentives for local production of over 150 commodities
Updated 10/17/2024 9:05:00 AM
Arab Finance: The government has decided to offer significant incentives to investors to locally produce over 150 commodities of which imports exceed $25 billion annually, Prime Minister Mostafa Madbouly said in a press conference.
During the conference, Madbouly stressed that the first phase of the electrical interconnection project between Egypt and Saudi Arabia will be operational in May or June 2025 at the latest.
Moreover, Madbouly highlighted that the government is preparing for all possible scenarios amid escalating tensions in the region.
He also revealed that the government is preparing for a scenario in which regional oil and nuclear sites might be targeted and the situation in the region could worsen, which might lead to the conflict becoming out of hand.
This scenario would impact fuel prices and products and the movement of goods, including to Egypt.
Moreover, he highlighted that such escalations could also disrupt global trade, and trade, transport, petroleum, and logistics networks.
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