Arab Finance: Minister of Investment and Foreign Trade Mohamed Farid has inaugurated Egypt and the Arab world’s first factory for the production of rapid diagnostic tests, with $16.55 million in investment, according to a statement.

The facility, owned by Spectrum Diagnostic Industries, is to operate until 2050. Spanning 1,994 square meters in the Ismailia Public Free Zone, the project is expected to create 38 jobs.

The opening supports the government's strategy to localize advanced medical and technology-based industries while strengthening domestic production of diagnostic supplies.

The initiative is expected to enhance health security, reduce dependence on imports, increase the added value of Egyptian manufacturing, and improve the sector's competitiveness in regional and global markets.

Farid said the government is prioritizing investment in strategic industrial sectors, particularly medical industries, due to their strong growth potential and their role in facilitating technology transfer, deepening local manufacturing, increasing value-added production, and expanding Egyptian exports.

He added that the ministry continues to improve the investment climate by enhancing the business environment, streamlining procedures, and providing comprehensive support to investors to attract more domestic and foreign investment, particularly in technology- and innovation-driven industries.