Egypt is implementing a comprehensive strategy to deepen local manufacturing in the industrial sector and increase export rates, according to Nevine Gamea, Minister of Trade and Industry.
Egypt’s exports have increased by 24.5% in the previous ten months, and the local industrial sector accounts for 17% of GDP, she added.
She also noted that there are 100 measures in place to enhance the industrial sector, 30 of which have been finalized with 9 ministries, in addition to reshuffling the Supreme Council for Exports and strengthening the function of the Export Development Fund. She went on to say that these processes include raising VAT requirements, increasing the local components in the industrialization, and raising quality standards in order to meet the ministry’s objectives.
In coordination with the relevant governmental entities, Gamea stated that the ministry is implementing a comprehensive plan to improve the local manufacturing sector and increase export rates. She emphasized that the industrial sector is the primary driver in realizing the government’s aims for comprehensive and long-term economic reforms under the leadership of President Abdel Fattah Al-Sisi.
In addition to supplying land plots for the industrial sector, Gamea emphasized that enhancing investment and legal conditions is a key component in promoting industrial localization.
Gamea went on to say that from January 2020 to July 2021, the Supreme Council for Exports was reformed, and policies and plans were put in place to boost exports and support the role of the Exports Development Fund by paying export subsidies of about EGP 30bn, in addition to endorsing the new export support programme that began in July. She also mentioned expanding the commercial partnerships network with global markets by strengthening relationships with partnerships and utilizing regional integration pacts and preferential trade agreements.
The minister stated that many targeted procedures are scheduled in the next phase to boost imports in order to maintain positive import rates during COVID-19 and its global impacts on the global economy, as well as increasing Egyptian exports as one of the primary sources of foreign currency reserves.
This year, the summit is sponsored by Telecom Egypt, Tatweer Misr, Amer Group, Hyde Park Developments, Danone Egypt, Eastern Company, Misr Italia Properties, and Marriott Residence Heliopolis.
