Egypt….An Incomparable Venue for Accommodating MACTECH 2021
Egypt is the sensible investment choice, considering its relatively low-cost labor, favorable operating premise, and potentially high consumption market. Keeping in mind that Egypt has the largest population in the Middle East. The country provides an excellent platform of labor resources in the region.
Since Industry is the second-largest economic sector in Egypt, so it presents a huge commercial opportunity across a broad range of sectors.
The industrial sector in Egypt accounts for 30% of the country’s gross domestic product (GDP) and employs more than 2.4 million people, and the sector has the highest growth potential in the Middle East and Africa.
Egypt imports 95% of its machine and industrial tools and only 5% of demand is met by local manufacturers. Industrial production in Egypt is growing at over 25% per year and imports of modern technology continue to increase at an annual rate of 20%.
The Machine and Industrial tools market in Egypt is expected to increase annually by over 20% for the coming decade at least. The industrial expansion in Egypt will ensure the country remains the most attractive market for the machine tools and industrial tools in the Middle East and Africa. Egypt is the largest consumer of machine and industrial tools in the region with a market size exceeding US$ 2 billion and relying heavily on imports.