People attend the International Manufacturing Convention and Exhibition (IMCE) in Cairo, Egypt, on Nov. 25, 2024. Egyptian Prime Minister Mostafa Madbouly on Monday inaugurated the third edition of the International Manufacturing Convention and Exhibition (IMCE) in Cairo.(Photo: Xinhua)

 

People attend the International Manufacturing Convention and Exhibition (IMCE) in Cairo, Egypt, on Nov. 25, 2024. Egyptian Prime Minister Mostafa Madbouly on Monday inaugurated the third edition of the International Manufacturing Convention and Exhibition (IMCE) in Cairo.(Photo: Xinhua)

 

People attend the International Manufacturing Convention and Exhibition (IMCE) in Cairo, Egypt, on Nov. 25, 2024. Egyptian Prime Minister Mostafa Madbouly on Monday inaugurated the third edition of the International Manufacturing Convention and Exhibition (IMCE) in Cairo.(Photo: Xinhua)

Egyptian Prime Minister Mostafa Madbouly on Monday inaugurated the third edition of the International Manufacturing Convention and Exhibition (IMCE) in Cairo.

Madbouly said that hosting the IMCE reflects the country's commitment to developing the industrial sector and promoting its contribution to luring investments and achieving sustainable economic development.

He added that Egypt aims to raise the industrial sector's contribution to the gross domestic product (GDP) to between 20 and 30 percent, up from the current 14 percent.

Madbouly added that the government has developed in recent years essential requirements for industrial growth, including infrastructure, energy, and legal frameworks.

"The current local component in many industries, average 40 to 50 percent, is insufficient," he said.

The three-day event aims to support international collaborative initiatives between industrial entities at the Arab, African, Euro-Mediterranean, and international levels to contribute to sustainable economic development, according to its organizer.