VT Among 23 High-Profile Industries Egypt Aims to Localize

Vertical-transportation (VT) is among 23 high-priority industries that Egypt aims to localize, part of a broader strategy to enhance industrial development and minimize reliance on imports, Egypt Today reports. Elevators and escalators join sectors that are integral to Egypt’s economic growth, rely on locally available raw materials and are key to the country’s import substitution strategy. The sectors include solar energy components, vehicle tires, batteries, wind energy components, water treatment systems, infant formula, aluminum, electrical transformers, central air-conditioning chillers, polyester manufacturing and a variety of motors. Announcing the initiative during a meeting with industrial investors in El Sharqia Governorate, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel El-Wazir said incentives and streamlined investment procedures for stakeholders will be pursued.