SAWT BEIRUT INTERNATIONAL

| 8 August 2022, Monday |

Egypt aims to double exports to $60bn by 2025

Egypt’s Minister of Trade and Industry stated that the country’s export earnings will be doubled to $60 billion by 2025 as part of a strategy to eventually reach $100 billion.

Because of the government’s assistance for exporters during the Covid-19 outbreak and increased domestic production, the nation is on track to meet its initial goal of $60 billion, according to Nevine Gamea of Al Arabiya television station.

According to Prime Minister Mostafa Madbouly’s speech, Egypt’s export earnings would increase by a record 22.5 percent each year to $31 billion in 2021.

President Abdel Fattah El Sisi set an ambitious objective of $100 billion in exports over the following five years in 2020, without setting a specific timeframe.

Egypt’s Minister of Trade and Industry stated that the country’s export earnings will be doubled to $60 billion by 2025 as part of a strategy to eventually reach $100 billion.

Because of the government’s assistance for exporters during the Covid-19 outbreak and increased domestic production, the nation is on track to meet its initial goal of $60 billion, according to Nevine Gamea of Al Arabiya television station.

According to Prime Minister Mostafa Madbouly’s speech, Egypt’s export earnings would increase by a record 22.5 percent each year to $31 billion in 2021.

President Abdel Fattah El Sisi set an ambitious objective of $100 billion in exports over the following five years in 2020, without setting a specific timeframe.

Egypt said last year that it will start on a three-year structural reform program to assist private-sector-led economic growth and the development of critical industries. Manufacturing, agriculture, and telecommunications and information technology are among them.

Ms Gamea stated that the Export Development Fund will provide 23 billion Egyptian pounds ($1.4 billion) in subsidies to exporters in 2021.

Mr Berzi stated that government assistance helped to dramatically increase exports in 2021, including repayment of arrears that had been postponed for years. Small and medium-sized businesses have also played an important role in the sector’s expansion.

“The more small and medium-sized exporters that enter the system, the more our exports will rise,” he stated.

Aside from government assistance, the increase in exports can be ascribed to the fact that local manufacturing did not cease throughout the epidemic. Due to the availability and reduced cost of Egyptian products, several worldwide markets have turned to them.

Chemicals and fertilizers, construction materials, food products, engineering and electrical goods, agricultural crops, ready-made clothing, printing, paper and packaging, spinning and textile products, furniture, and medical items are among the top ten export industries in the nation.

According to the commerce ministry, the value of chemical goods and fertilizers exported increased by 43% to 45% last year.

According to Berzi, food industry exports increased by 18% last year to over $4 billion.

According to the agriculture ministry, agricultural exports increased 9.5% to a record 5.6 million tonnes in 2021, driven by citrus products, beets, and potatoes.

Ms Gamea stated during the Egypt Economic Summit in December that “in order to accomplish the $100 billion objective, we must first enhance domestic output.”

Six new industrial parks have been established as part of Egypt’s attempts to enhance exports, and the commerce ministry has streamlined procedures for the private sector to get licenses for industrial projects, she added.

    Source:
  • The National News