The Federation of Egyptian Industries (FEI) said 2,600 local companies are wishing to participate in the Egyptian President Abdel Fattah Al-Sisi’s initiative to stimulate consumption of local products, according to a press statement on Tuesday.
The FEI said that those companies have approved 20-50% discount on their products’ prices as part of the initiative.
“There is currently coordination between the Egyptian government and the private industrial sector to prepare for the initiative of President Al-Sisi to support local production through stimulating demand for national products,” the FEI Chairperson Mohamed El Sewedy said.
“The initiative comes in the interest of consumers, especially those with middle income, through discounts that will be granted by companies participating in the initiative,” he added.
These discounts intended to last for six months in 2020, El Sewedy noted.
He further elaborated that the FEI has identified its target sectors to participate in the initiative, namely engineering industries, leather, chemicals, furniture, garments, information technology, craft industries, and building materials.
He revealed that communication with industrial sector is still in place to register the companies wishing to participate.
“The products under the initiative will be available for the public through commercial outlets, online shopping, and factories’ outlets,” El Sewedy explained.