2024/06/25

Government launches initiatives to boost exports

Dr. Moustafa Madbouly, Prime Minister, held a meeting today, Tuesday, at the government headquarters in the New Administrative Capital, to follow up on the status of initiatives to support exports.

The meeting was attended by: Engineer Ahmed Samir, Minister of Trade and Industry, Ali Al-Sisi, Assistant Minister of Finance for the General Budget, Amani Al-Wasal, Head of the Trade Agreements Sector at the Ministry of Trade and Industry and Executive Director of the Export Development Fund, and Neveen Mansour, Advisor to the Deputy Minister of Finance for Financial Policies and Institutional Development.

The Prime Minister kicked off the meeting by highlighting the government's ambitious plan to boost Egyptian exports across global markets. He emphasized efforts to enhance the competitiveness of Egyptian products, including support for exporters and investment incentives. These initiatives align with the state's broader goals of deepening industrial development, increasing local production, and ultimately strengthening Egypt's foreign exchange reserves.

The Minister of Trade and Industry outlined a series of successful initiatives launched between 2019 and 2023, a collaborative effort between his ministry's Export Development Fund and the Ministry of Finance. These initiatives resulted in a significant 40% growth in non-oil exports.

The meeting delved into evaluating the effectiveness of the current export support system. Discussions focused on how well each activity aligns with export market targets, local component ratio calculations, and added value considerations. Additionally, expanding support beyond financial assistance to include technical expertise was explored as a means to achieve Egypt's ambitious goal of reaching $100 billion in annual exports by 2030.

At the end of the meeting, he emphasized the critical role of swiftly returning the burdens of Egyptian exporters. This will encourage them to keep growing and expanding their businesses, and complete the full mechanization of the export system.