The private sector played a major role alongside the Egyptian government in industrial development efforts, Gamea added
Egypt’s non-oil exports saw a 24% increase in growth in the 10 months of 2021, with Minister of Trade and Industry Nevine Gamea highlighting the country’s structural reforms as supporting the government’s efforts to create an ideal business environment in growth.
Gamea pointed towards several laws that were recently issued, including the Industrial Licenses Law, which aim to simplify the procedures for obtaining licenses for new industrial projects for nearly 80% of industries.
She also discussed programs currently contributing to increasing Egyptian exports to foreign markets, highlighting the Export Development Fund, which bore 80% of export shipping costs destined for Africa, previously 50%.
The Export Development Fund issued over 700 certificates worth EGP 1.788 billion in its 2nd and 3rd phase.
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Gamea noted that there are distinct opportunities for all international and local investment entities to direct their investments to the Egyptian market, allowing them to benefit from Egypt’s strategic relations with other countries that would enable them to enter those markets with their products.
The minister pointed out that the structural reforms carried out by Egypt along with the measures taken to combat the COVID-19 pandemic contributed to economic recovery and the economy’s ability to withstand future shocks.
She also pointed out that President Abdel Fattah El-Sisi ratified the Small and Medium Enterprises Development Law and its executive regulations, which included unprecedented advantages and incentives for these enterprises which represent 70% of the Egyptian economy.
The private sector played a major role alongside the Egyptian government in industrial development efforts, Gamea added, highlighting it as a successful model for the establishment and management of industrial zones in Egypt, with the establishment of 12 industrial zones designed on the foundations and concepts of sustainable industrial zones.
