CBE’s Nileprenuers launches program to deepen local industrialization in cooperation with BM, IDB

The Central Bank of Egypt’s Nileprenuers Initiative has announced the launch of a new local industry localization program in cooperation with Bank Misr (BM) and Industrial Development Bank (IDB) as part of efforts aimed at overcoming current import challenges and making Egyptian products more competitive.

The new program – which was launched through the Nileprenuers Initiative Innovation Center – focuses on the engineering industries sector and provides many services that work on product development and reverse engineering of imported products and components or production supplies, such as moulds, fixtures, production tools guides, and others for companies operating in Egypt.

In this program, the initiative relies on a team of engineers, consultants and equipped laboratories. It also provides networking services with local suppliers to deepen the local component and increase the competitiveness of Egyptian products.

In addition, it provides training to local companies to build the technical capabilities of their engineers that enable them to manufacture innovative products and solve many challenges you face.

Ahmed Saleh, director of the Nileprenuers Initiative’s innovation program, said that deepening local industrialization is a national priority because Egypt has the required expertise and skills, in addition to being a large and diverse market that attracts various types of investment, whether at the level of products and services or at the level of targeted segments of customers and markets.

Saleh added that with the current changes, the Egyptian market is experiencing great opportunities to create competitive products that cover the local market and also compete with its foreign counterpart, and there are real export opportunities in light of the crises that the world is experiencing supply chains and shortages of many goods and products.

He also explained that the industrial community in Egypt needs technology to develop its products, among other things to benefit from the current conditions of international markets through national and industrial partnerships.

Furthermore, Saleh said localizing technology and deepening local industrialization is a sustainable development policy and program that works on the optimal use of resources – human, raw materials, infrastructure or technology – and creates employment opportunities, greater added value, and increases the capacity of the national economy to cope with crises, in addition to encouraging and attracting foreign investment and closing the trade balance deficit.

It should be noted that the Innovation Center is a service entity created by Nile University and the Nileprenuers Initiative with the support of a group of sponsors who believe in the importance of design in the growth and promotion of economic development.

The center provides a variety of services that foster innovation in the Egyptian market, including product design and development, as well as reverse engineering.

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