Latest news with #AkhbarEl-YoumEconomicConference
Zawya
10-02-2025
- Business
- Zawya
Egypt's minister highlights partnerships, investment in renewable energy
Egypt - Mahmoud Essmat, the Minister of Electricity and Renewable Energy, has reaffirmed Egypt's commitment to establishing partnerships, attracting private sector investment, and promoting participation in energy projects. He emphasized that there are numerous economic and investment opportunities within the sector, and the ministry is focused on creating an attractive investment environment by addressing obstacles faced by private sector development partners. Speaking at the Akhbar El-Youm Economic Conference, Essmat highlighted several measures aimed at facilitating these goals. These include legislative reforms, the enactment of the Electricity Law (designed to fully liberalize the electricity market), land allocation for renewable energy projects, efforts to localize technology, the expansion of the electrical equipment industry, and the establishment of new industries for renewable energy equipment—leveraging available raw materials, industrial resources, and skilled labor. He underscored the significant role renewable energy plays in combating climate change, reducing carbon emissions, and ultimately achieving zero emissions while decreasing reliance on traditional fuels. Essmat also mentioned that the electricity sector is implementing an urgent plan to reduce dependence on traditional energy sources and fossil fuels. This plan includes adding 22,815 MW of capacity from solar and wind energy by 2030 and, for the first time, incorporating energy storage batteries. The minister explained that an integrated plan is underway to enhance the efficiency of the electrical grid, allowing it to absorb new renewable energy capacities with maximum efficiency and minimal loss. This involves a gradual transition from a traditional grid to a smart grid, utilizing the latest technologies as part of the recently adopted energy strategy. He noted that this strategy is a central element of Egypt's Vision 2030 and aligns with the 17 UN Sustainable Development Goals. Essmat stated that the sector has made significant progress toward its goal of achieving 42% renewable energy in the energy mix by 2030, with a target of 65% by 2040. He attributed this success to the consistent support and ongoing oversight from President Abdel Fattah Al-Sisi. He further asserted that the current global energy crisis validates Egypt's vision and strategy for diversifying energy sources. He expressed confidence in the Ministry of Electricity's ability to anticipate and address future energy trends. Essmat outlined that Egypt's Vision 2030 aims to balance development and environmental preservation, increase reliance on renewable energy, and promote sustainable consumption and production patterns. He also highlighted ongoing efforts to strengthen electrical interconnection projects, which are crucial for enhancing energy security and increasing the use of renewable energy in the medium and long term. He acknowledged the importance of these projects in fostering cooperation, dialogue, and shared economic interests between nations.
Daily News Egypt
09-02-2025
- Business
- Daily News Egypt
Electricity Minister highlights partnerships, investment in renewable energy
Mahmoud Essmat, the Minister of Electricity and Renewable Energy, has reaffirmed Egypt's commitment to establishing partnerships, attracting private sector investment, and promoting participation in energy projects. He emphasized that there are numerous economic and investment opportunities within the sector, and the ministry is focused on creating an attractive investment environment by addressing obstacles faced by private sector development partners. Speaking at the Akhbar El-Youm Economic Conference, Essmat highlighted several measures aimed at facilitating these goals. These include legislative reforms, the enactment of the Electricity Law (designed to fully liberalize the electricity market), land allocation for renewable energy projects, efforts to localize technology, the expansion of the electrical equipment industry, and the establishment of new industries for renewable energy equipment—leveraging available raw materials, industrial resources, and skilled labor. He underscored the significant role renewable energy plays in combating climate change, reducing carbon emissions, and ultimately achieving zero emissions while decreasing reliance on traditional fuels. Essmat also mentioned that the electricity sector is implementing an urgent plan to reduce dependence on traditional energy sources and fossil fuels. This plan includes adding 22,815 MW of capacity from solar and wind energy by 2030 and, for the first time, incorporating energy storage batteries. The minister explained that an integrated plan is underway to enhance the efficiency of the electrical grid, allowing it to absorb new renewable energy capacities with maximum efficiency and minimal loss. This involves a gradual transition from a traditional grid to a smart grid, utilizing the latest technologies as part of the recently adopted energy strategy. He noted that this strategy is a central element of Egypt's Vision 2030 and aligns with the 17 UN Sustainable Development Goals. Essmat stated that the sector has made significant progress toward its goal of achieving 42% renewable energy in the energy mix by 2030, with a target of 65% by 2040. He attributed this success to the consistent support and ongoing oversight from President Abdel Fattah Al-Sisi. He further asserted that the current global energy crisis validates Egypt's vision and strategy for diversifying energy sources. He expressed confidence in the Ministry of Electricity's ability to anticipate and address future energy trends. Essmat outlined that Egypt's Vision 2030 aims to balance development and environmental preservation, increase reliance on renewable energy, and promote sustainable consumption and production patterns. He also highlighted ongoing efforts to strengthen electrical interconnection projects, which are crucial for enhancing energy security and increasing the use of renewable energy in the medium and long term. He acknowledged the importance of these projects in fostering cooperation, dialogue, and shared economic interests between nations.
Daily News Egypt
09-02-2025
- Business
- Daily News Egypt
Advancing industrial development through modernization, investment: El-Shemy
The Ministry of Public Enterprises Sector is advancing its efforts to develop the industrial sector within its affiliated companies and enhance their performance. Minister Mohamed El-Shemy affirmed that a comprehensive strategy is in place to modernize factories with advanced technology, revive key industries, and introduce new production lines and products. This initiative aims to strengthen production capabilities, enhance competitiveness, and improve the quality of locally manufactured goods to meet global standards. Ultimately, these measures will open new markets and increase exports in alignment with Egypt's Vision 2030 for sustainable development. The ministry's plan emphasizes deepening local manufacturing, replacing imports with domestically produced alternatives, and maximizing the added value of products and raw materials. Operational efficiency is being improved across various sectors, with a strong focus on encouraging both local and foreign investment. Sustainability, occupational safety, and work environment enhancements are key priorities, alongside specialized workforce training to keep pace with global industrial advancements. The public business sector has witnessed remarkable progress in recent years, leveraging its vast assets, capabilities, and economic influence to support national growth. During his speech at the Akhbar El-Youm Economic Conference, El-Shemy highlighted the private sector's crucial role in economic development through its expertise, investment capacity, and ability to drive innovation. He emphasized that public-private cooperation remains the most effective path to achieving sustainable progress. The ministry is actively strengthening partnerships and exploring new opportunities for collaboration in various industries through diverse investment and partnership models. Several public-private partnerships are currently underway, including projects to modernize existing factories with advanced technology, revive specific industries, and introduce new products. Key initiatives include the national project for developing the textile industry, upgrading state-owned pharmaceutical companies, and investing in fertilizers, automotive manufacturing, aluminum, mining, phosphate-based fertilizers, construction, real estate, tourism, and hospitality. The ministry's affiliated companies offer extensive investment opportunities, providing a solid foundation for expansion in industries such as heavy manufacturing, industrial processing, service sectors, renewable energy, and advanced technology. Egypt is well-positioned to achieve its ambitious economic goals under the leadership of President Abdel Fattah El-Sisi, with a clear vision for progress, growth, and prosperity. The ministry remains committed to strengthening partnerships with the private sector to drive industrial efficiency, attract further investment, and expand market reach in alignment with national sustainable development objectives, El-Shemy stated. He stressed that with effective collaboration and synergy between the public and private sectors, challenges can be overcome, new opportunities can be seized, and a brighter future can be built for Egypt. Reaffirming this commitment, he emphasized that joint efforts will pave the way for sustained economic success.
