Mohamed Arafa El-Attar, member of the export committee of the Egyptian African Businessmen’s Association (EABA) and CEO of Haj Arafa Group, a specialised healthy snacks maker, said that prices of crops decreased in the last quarter of 2022.
Arafa elaborated that the high cost of energy and the devaluation of local currencies against US dollar led to a decline in prices of agricultural crops, however, price of final product continues to spike, which confirms that the stability of exchange rate and the decrease in cost of energy may lead to a decrease in prices of final product.
Arafa said: “Despite all difficult prospects for the global economy, it is possible that ending the conflict in Ukraine will spare Europe from recession. This is the bullish scenario for the improvement of the global economic situation only. However, the bottom line is that 2023 will be a year of weak growth and pressing high prices, and the lesson of the past few years is that things can always go wrong.”
Regarding the economic situation in Egypt, Arafa commented that Egypt is facing, like other Arab countries and countries of the world, by the end of the year 2022. Many economic challenges that have increased in intensity after the Russian-Ukrainian crisis in February 2022, and the subsequent shortage of supplies in basic materials such as oil, gas and wheat, besides, increased prices in global markets, and thus the economic situation in Egypt is difficult, and this is not only in Egypt, but like the rest of the world.
However, the government of Egypt is able to overcome this stage if it succeeds in increasing and encouraging Egyptian exports and overcoming all obstacles for exporters. This will lead to an increase in the GDP, according to Arafa.
He further noted that the Egyptian economy will not stabilize except through a stable exchange rate and overcoming the parallel market will lead to attracting foreign investments to the Egyptian market.
He revealed that Arafa Group seeks expansion by opening new branches during the current year, as well as, the group is studying expanding in foreign markets, especially the Arab and African markets, whether by relying on exporting products or opening a branch of Haj Arafa company in those countries.
Additionally, there is a group of Arab, African, and also Egyptian offers to enter into partnerships, and the company seeks to reach the best offer during the coming period, Arafa concluded.