Mohamed El-Shimy, Minister of the Public Enterprises Sector, stated that Egypt is steadily advancing toward a strong, competitive, and sustainable economy based on industry, production, exports, and investment, with youth at the core of the development process as a cornerstone of the 'New Republic'.
Mohamed El-Shimy spoke at the Akhbar Al-Youm Economic Conference, emphasizing that the Public Enterprises Sector is a vital pillar of the national economy due to its broad industrial heritage, substantial assets, accumulated expertise, and skilled workforce. The sector oversees six holding companies in strategic areas such as metallurgy, chemicals, pharmaceuticals, textiles, tourism and hotels, and construction and development, supervising 63 affiliated companies and holding equity in 106 joint ventures.
The strategy aims to maximize returns on government investments, boost contributions to national output, and enhance local and global competitiveness. It is executed through performance improvements, modernizing management per global best practices, increasing private sector involvement, adhering to quality and sustainability standards, and upgrading human capital.
The minister disclosed that affiliated companies are implementing about 157 investment projects totaling around EGP 184 billion, with EGP 32 billion allocated to environmental and energy initiatives including green hydrogen production, renewables, energy efficiency, circular economy applications, and carbon emission reductions. These align with the EU's Carbon Border Adjustment Mechanism (CBAM).
In the 2024-2025 fiscal year, companies recorded total revenues of EGP 126 billion, a 20% year-on-year increase, and net profits of about EGP 24 billion. Exports reached $1 billion, up 27%, with 40% of companies shipping to markets in Arab countries, Africa, Europe, Asia, and the Americas.
El-Shimy praised the Ministerial Committee for Industrial Development, chaired by Kamel El-Wazir, and highlighted key projects such as developing the spinning and weaving industry across seven companies, fertilizer production upgrades, pharmaceutical line enhancements to Good Manufacturing Practice standards, localization of active pharmaceutical ingredients and biologics, and expansions at Egypt Aluminium Company. He also noted success stories like reviving El Nasr Automotive Manufacturing Company, reopening the Egyptian Carbon Anode Blocks Company, restarting El Nasr Pharmaceutical Chemicals Company, the ferrosilicon plant at KIMA in Aswan, and rehabilitating assets such as the Continental Hotel in Cairo, the Cotton Palace in Alexandria, and the Granada Palace.
The minister affirmed promising investment opportunities in industry, energy, tourism, real estate, and logistics, stressing partnerships with private entities to attract investments, transfer technology, improve efficiency, and create sustainable jobs. He concluded by underscoring youth as primary partners in Egypt's development journey.