Minister of Trade and Industry Ahmed Samir held a meeting with heads of export councils for the sectors of engineering, chemicals, building materials, food, and agricultural crops to discuss action plans aimed at increasing Egyptian exports to $100bn annually.
The minister said that the meeting tackled the possibility of the participation of export councils in a strategy that the ministry is currently preparing to boost national industry in cooperation with various concerned authorities and the World Bank with the aim of increasing industrial growth rate. Besides, increasing the share of industry in the GDP and increasing growth rate of industrial exports, in order to achieve the desired amount of export.
Samir explained that the Egyptian commercial Service offices in some countries were assigned to conduct studies on economic and production conditions in these countries in light of current circumstances imposed by the Russian-Ukrainian crisis, which prompted some factories to stop their production due to the lack of the necessary energy for work. This matter represents an excellent opportunity for Egypt, if it succeeds in attracting some of these factories to the Egyptian market during the coming period, which can be done through the Egyptian business community, with the help of information that the ministry will provide through its offices abroad.
He pointed out that the ministry is currently seeking to maximise the benefit from the Arab-African Trade Bridges Programme, which is being implemented by the ministry in cooperation with the International Islamic Trade Finance Corporation. He further noted that the Egyptian exporting companies can establish exhibitions, warehouses or logistic centers to enhance their presence in the African markets, in coordination and cooperation with the 11 Egyptian commercial offices in Africa.
Export sectors were able to maintain their positive indicators during the year 2022 despite the global economic crises, which confirms the ability of Egyptian industry to overcome crises and strong competition in foreign markets, Samir disclosed, added, “The coming period will witness a remarkable improvement Egyptian exports, especially in light of measures taken by the government recently.”
Heads of the exporting councils presented some proposals and demands that will contribute to boost Egyptian exports during the coming period, including accelerating the pace of disbursement of export support, exerting more efforts to create an environment and business climate to attract international companies to invest in the Egyptian market. In addition, activating the role of Egyptian commercial offices abroad, and increasing the government’s efforts on encouraging exporters to head towards the African market, strengthening the participation of Egyptian companies in international exhibitions, as well as deepening local industrialisation and facilitating procedures for issuing industrial licenses and allocating industrial lands.