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Egypt capable of enduring global challenges, non-oil exports hit record high | TradeMin

Egyptian exports saw a climb of 20% in the first quarter of 2022 against the backdrop of several global crises

By: Business Today Egypt

Mon, May. 23, 2022

Egypt has seen significant growth in its exports, however the government is looking forward to achieving more progress in the exports sector.

During a meeting with Prime Minister Mostafa Madbouly, Minister of Trade and Industry Nevine Gamea highlighted Egypt’s resilience in the trade sector by pointing out that Egypt’s non-oil exports reached an all-time high of $32.1 billion in 2021, up from the $25.4 billion recorded in 2020.

Egyptian exports saw a climb of 20% in the first quarter of 2022 against the backdrop of several global crises.

“This proves the ability of Egypt’s industry and products to withstand global challenges,” the minister emphasized.

During the meeting, PM Madbouly explained that Egypt views the current global crisis as an opportunity to work on some tracks, foremost of which is the industry and export sector.

The PM directed Gamea to prepare with the export councils’ general worksheets on how each individual council can double export rates.

Gamea was also instructed to expedite the announcement of the available industrial zones, the mechanisms of allocating them by the usufruct system, and the respective payment system, in addition to the necessary procedures to obtain the licenses.

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The directives are part of a comprehensive plan that the PM announced last week, as well as in line with the state’s efforts to boost Egypt’s range of facilities for investors and raise the private sector’s engagement in the economy to 65% within the next 3 years, up from the current 30%.

Additionally, Gamea said that a comprehensive development plan for the system of procedures and services provided by the Industrial Development Authority — the state body responsible for industrial zones nationwide — is currently in the making.

The plan aims to grant more facilities to investors in various industrial sectors in line with the state’s plan to attract more local and foreign investments in the industrial sector with the aim of raising GDP, providing jobs, and deepening local industrialization, she added.