The mining, chemical, and fertilizer sectors are the top three sectors in the public sector that are exported, with annual exports reaching about $1 billion.
Egypt's Ministry of Public Business Sector focuses on maximizing exports of its subsidiaries as part of the state's plan to double exports to around $100 billion over the next two years.
The mining, chemical, and fertilizer sectors are the top three sectors in the public sector that are exported, with annual exports reaching about $1 billion.
Companies are seeking to double this number in the upcoming period, particularly aluminum and iron alloy factories, Sinai Manganese and Mining, as well as chemical and pharmaceutical factories and fertilizers.
The top companies in this sector include KIMA Chemical Industries, Nasr for Fertilizers and Egypt for Chemical Industries.
The Ministry of Public Enterprises has instructed the development of an integrated plan to increase exports, localize industry, and rely on local products to reduce the import bill and alleviate pressure on resources of foreign currency.
The ministry also emphasized the need to intensify efforts to reduce expenses and govern revenues and expenditures.
Egypt has been making strides in recent years to strengthen its economy, with reforms aimed at encouraging investment and boosting exports. In 2021, the country's GDP grew by 5.4%, the highest rate in the Middle East and North Africa region.
Despite the challenges faced by the Egyptian economy due to the COVID-19 pandemic, the country has shown resilience in maintaining its economic growth. In the fiscal year 2020/2021, Egypt's exports reached $25.5 billion, an increase of 1.6% compared to the previous year.
This was achieved through the government's efforts to diversify its export base, improve the business environment, and increase competitiveness.
Moreover, the government has implemented structural reforms to attract foreign direct investment and boost economic growth. The country's economic reform program, supported by the International Monetary Fund (IMF), has led to improvements in the fiscal and monetary policy, the business environment, and the infrastructure.
As a result, Egypt's economy is expected to continue its growth trajectory, with the International Monetary Fund forecasting a GDP growth rate of 5.2% in 2022.
The country's focus on boosting exports and promoting local production is a crucial step towards achieving sustained economic growth and reducing dependence on imports.
