Egypt seeks to double exports to $42 bn by FY 2018/19: Minister

Ahram Online , Sunday 17 May 2015

Mounir Fakhry
Foreign trade and Industry Minister, Mounir Fakhry (Photo: Al-Ahram)

Egypt sets a strategy to double its exports to $42 billion by fiscal year (FY) 2018/19, Foreign trade and Industry Minister Mounir Fakhry was quoted as saying by state-owned news agency MENA on Sunday.

The strategy, which details are expected to be revealed later on Sunday, involves dependence on the expansion of manufacturing high value added products, Fakhry said.

The minister mentioned Samsung and Electrolux which both manufacture in Egypt and export to the region as examples of such high value added products.

Egypt's merchandise exports reached a total of $26.1 billion in the last fiscal year ending 30 June 2014, shows the Central Bank data.

By FY 2018/19, the government is also targeting 6 percent of growth, a budget deficit of 8-9 percent of GDP and a debt to GDP ratio of 80-85 percent, the ministry of finance showed in a five-year fiscal plan released last October.

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