The country is currently working on implementing a comprehensive strategy to deepen local manufacturing in the industrial sector and increase export rates, she added
Egypt’s exports have increased by 24.5% in the last 10 months, with the local industrial sector accounting for 17% of GDP, said Minister of Trade and Industry, Nevine Gamea.
The country is currently working on implementing a comprehensive strategy to deepen local manufacturing in the industrial sector and increase export rates, the minister added during her speech at the 3rd edition of the Egypt Economic Summit yesterday.
Egyptian exports jumped by 40% in the first 9 months of 2021, recording $29.7 billion in the January-September months of 2021, while non-petroleum exports jumped by 26% year-on-year (YoY), reaching $26.9 billion during the first 10 months of 2021.
During her speech, Gamea pointed out that there are 100 processes in place to enhance the industrial sector, with 30 finalized with 9 ministries, as well as the reshuffling the Supreme Council for Exports and strengthening the function of the Export Development Fund.
Additionally, the processes include raising VAT requirements, increasing the local components in the industrialization, and raising quality standards in order to meet the ministry's objectives.
Gamea emphasized that enhancing investment and legal conditions is a key component in promoting industrial localization, alongside supplying land plots for the industrial sector.
From January 2020 to July 2021, the Supreme Council for Exports was restructured, with policies put into place to boost exports and support the Exports Development Fund in its role in providing over EGP 30 billion to pay for export overdue payments, as well as endorsing the new export support program 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.
Several of the 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, Minister Gamea added, noting a focus on increasing Egyptian exports as one of the primary sources of foreign currency reserves.
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The Egypt Economic Summit, under the auspices of the Prime Minister, is one of the country’s leading economy-centered summit, with government officials and influential business leaders congregating to discuss Egypt’s biggest hurdles and enhancements. This year’s theme was economic challenges and opportunities post-COVID.