CAIRO, June 2 (MENA) - President Abdel Fattah El Sisi has urged for continued efforts to improve the performance of public sector companies, modernize their management practices, and maximize the returns on their assets.

Sisi's directives included enhancing partnerships with the private sector, keeping pace with technological advancements, and adhering to international standards for quality, sustainability, continuous improvement, occupational safety, and environmental protection.

The President also emphasized the importance of investing in human capital and setting clear, company-specific targets under a well-defined vision for each enterprise.

Sisi met Monday with Prime Minister Mostafa Madbouli, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel el Wazir, Minister of Planning, Economic Development, and Internationl Cooperation Rania Al-Mashat, Minister of Finance Ahmed Kouchouk, Minister of Public Business Sector Mohamed Shimi, and Minister of Investment and Foreign Trade Hassan El-Khatib, Presidential Spokesman Mohamed El-Shennawy said in a statement.

During the meeting, President Sisi reviewed the progress made in implementing the Ministry of Public Business Sector’s 2024–2027 work strategy. This includes the sector’s contributions and commitments to supporting the state budget and ongoing strategic projects aimed at developing assets.

The ministry is currently implementing 157 projects across its various areas of responsibility, and has succeeded in doubling annual revenues by 303% since the 2014–2015 fiscal year.

The meeting also covered the latest developments in the national project to modernize the spinning and weaving industry as part of the state’s efforts to restore this sector’s pivotal role.

Discussions included progress in upgrading the assets of public sector textile companies, plans to localize and advance the textile and garment industries, efforts to develop raw materials such as long- and short-staple cotton and polyester, as well as updates on workforce management in the restructured textile companies and ongoing negotiations to attract foreign investors to this vital sector.

The meeting further reviewed the efforts of the Ministry of Public Business Sector in the mining industry, including progress on projects by the Metallurgical Industries Holding Company and related investment opportunities.

The meeting also addressed the ministry’s work with El Nasr Automotive Manufacturing Company, projects for the production of mass transport and passenger vehicles, and updates on the Chemical Industries Holding Company and ongoing projects in this sector.

It also covered efforts by the Holding Company for Pharmaceuticals and Medical Supplies to bolster and localize the production of medicines, chemicals, and medical preparations, as well as the ministry’s initiatives in the tourism sector.

The presidential spokesman added that investment opportunities in public sector companies were also reviewed, alongside the ongoing efforts and measures aimed at achieving comprehensive and systematic reforms that seek to elevate the performance and sustainability of public sector enterprises and align them with Vison of Egypt 2030, the government’s action plan, and the State Ownership Policy Document with an ultimate goal is to maximize the state’s investment returns and enhance the contribution of public sector companies to the national economy.

The meeting also included a presentation on workforce restructuring plans for companies under the Ministry of Public Business Sector. (MENA)

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