Friday 10 Jan
Dr. Mohamed Ateya El-Fayoumy, Chairman of the Qalyubia Chamber of Commerce, Head of the Housing Committee in the House of Representatives, and Treasurer of the Federation of Egyptian Chambers of Commerce, confirmed that Egypt achieved a new historical record in exports last year, reaching $40 billion.
In press statements today, El-Fayoumy highlighted Egypt's high openness to trade, underpinned by agreements signed with key partners. Notably, the agreement with the European Union, a significant market, has facilitated increased trade. Furthermore, the agreement signed with Turkey has yielded substantial results and established Turkey as an important market for Egyptian exports. Additionally, Saudi Arabia and the UAE, both substantial markets, along with other Arab countries and the American market, present significant opportunities for Egyptian exporters.
He attributed the increase in
exports to several factors, most notably the lifting of customs restrictions on
Egyptian products, enhanced export support programs, and the timely repayment
of overdue dues to exporters. He affirmed that the Egyptian state aims to
achieve export revenues of $140 billion. He emphasized the importance of a
strong public-private partnership, enabling the private sector to play a
pivotal role in driving this growth through the establishment of new factories
and large-scale projects.
He called for concerted efforts
in the coming period to increase production across various industrial and
agricultural sectors. This increased production will be crucial for boosting
export volumes, thereby significantly contributing to narrowing the dollar gap
and improving the living standards of Egyptian citizens.
El-Fayoumy proposed a number of
axes to increase Egyptian exports. Among these is improving the quality of
Egyptian products and offering them at competitive prices. This can be achieved
through developing production processes and improving technology and
innovation. He also called for working with the state to localize industry and
encourage Egyptian investors to increase production and open new production
lines and feeder factories for existing industries, which contributes to
relying on local products and reducing the import bill.
He stressed the critical need for
restructuring export-related organizations and bodies at the national level.
This restructuring should prioritize the appointment of highly qualified
individuals to key positions to maximize export performance in the coming
years. This will have a significant positive impact on the Egyptian economy and
enhance the country's standing in global markets.
It is noteworthy that Minister of Investment, Hassan Al-Khatib, has affirmed the government's ambitious goal of achieving $145 billion in exports by 2030. To achieve this target, the Minister has directed export councils to conduct comprehensive inventories of untapped production capacities within each industrial sector. This data will be crucial for identifying and leveraging these untapped potentials and determining the necessary investments to support export growth across various sectors.
