SUEZ, Egypt, Jan 11 (MENA) – Egypt on Sunday opened nine new factories in the Suez Canal Economic Zone, bringing the total number of operating plants in the area to 190, Prime Minister Mostafa Madbouly said, as the government steps up efforts to localize manufacturing, boost exports and save foreign currency.
Speaking after a tour of the integrated Sokhna industrial area, Madbouly said a further 150 factories are under construction, with 50–60 expected to be completed during 2026. The projects have created thousands of jobs and focus on industries that did not previously exist in Egypt, producing goods that were once fully imported but are now partially supplied locally and exported abroad.
Madbouly said around 70 percent of the output from the newly opened factories is destined for export, with 30 percent supplying the domestic market, attributing this to heavy state investment in infrastructure and a political push to develop the Suez Canal region as a hub for local and foreign investment. He cited the expansion of Sokhna Port, now among the world’s largest, alongside other ports nationwide.
Two of the factories inaugurated during the tour produce components for solar energy panels, aligning with Egypt’s Vision 2030 and its strategy to raise the share of renewable energy in total power generation to 42 percent before 2030. Madbouly said Egypt previously imported all solar power components, but the new plants have a local content exceeding 50 percent, marking the country’s entry into assembling and manufacturing solar components and reducing reliance on hard-currency imports.
Earlier on Sunday, Madbouly witnessed the signing of contracts with Norway’s Scatec to build a large renewable energy plant with investments of about $1.8 billion, alongside a factory to produce energy storage batteries, a key component of solar power systems.
The prime minister said other factories visited during the tour also produce goods that Egypt once imported entirely, praising young Egyptian entrepreneurs for establishing locally financed projects with plans to export while meeting domestic demand.
“These factories achieve all the state’s objectives – sharply increasing exports, creating jobs, saving foreign currency and deepening local manufacturing,” Madbouly said.
He added that Egypt expects economic growth to reach 7.5 percent–8 percent by 2030, provided there are no major external shocks, citing a clear national strategy and implementation programs. Madbouly said demand from foreign investors for industrial land in the Suez Canal Economic Zone is at record levels, requiring an additional EGP 40 billion in infrastructure investments to accommodate hundreds of global manufacturers seeking to set up operations in Egypt.
Madbouly also said the private sector now accounts for more than 65 percent of total investments, with the government aiming to increase that share further. He thanked government officials, private investors and Egyptian youth, whom he described as the country’s “true future,” for their role in driving industrial growth.
The prime minister said Egypt will inaugurate another major renewable energy project in Upper Egypt on Monday, underscoring the country’s push to expand clean energy and cut fuel import costs as new projects come online.
