The Medical and Pharmaceutical Exports Council focuses on achieving annual targets for export growth of no less than 30%.
Dr. Magid George has said the Medical and Pharmaceutical Exports Council focuses on achieving annual targets for export growth of no less than 30% - File Photo
Egypt's Medical and Pharmaceutical Exports Council, headed by Dr. Magid George, has announced a 14% increase in the sector's exports in the first half of 2023, reaching approximately $530 million compared to $467 million in the same period last year. Dr. George noted that the Council aims to achieve a 30% annual increase in exports, following a well-defined and clear plan, to support Egypt's state plans for export growth and reach a target of $100 billion.
Dr. Magid George commended the recent announcement by the Cabinet to set a vision for increasing Egyptian commodity exports by at least 20% annually to support foreign currency resources.
He affirmed that the Medical and Pharmaceutical Exports Council focuses on achieving annual targets for export growth of no less than 30%, aligning with the government's direction towards export development and contributing to solving the currency shortage crisis.
The Chairman of the Medical and Pharmaceutical Exports Council emphasized that the sector's exports have witnessed significant development over the past three years, with a remarkable increase of 200% compared to pre-COVID-19 exports in 2019. He pointed out that the growing demand for sector products during the COVID-19 pandemic has played a clear role in boosting external exports.
Regarding export targets for 2024, the Chairman of the Medical Exports Council revealed that the Council aims to increase sector exports by no less than 30%. He affirmed that the positive results achieved in 2020, 2021, 2022, and the first half of 2023 demonstrate the export capabilities to achieve the 30% growth target despite various economic circumstances and challenges.
The consistent growth in Egypt's medical and pharmaceutical exports showcases the sector's resilience and contribution to the country's economy.
The government's focus on enhancing export capacities and supporting foreign currency resources aligns with its long-term vision for economic development.
The upward trajectory of the sector's exports in recent years, including a significant increase during the pandemic, reflects the competitiveness and quality of Egyptian medical and pharmaceutical products.
These positive trends are vital for strengthening Egypt's position as a global player in the industry and attracting further investments, ultimately driving economic growth and job creation.
