Minister of Trade and Industry Engineer Tarik kabil (Photo: Al-Ahram)
Egypt’s trade and industry ministry is working on a strategy to almost double the nation's exports by the year 2020, from the current $19 billion to $34 billion, according to a ministry statement on Wednesday.
The strategy will include implementing new export plans and policies, as well as targeting new markets for cement, agricultural products, ready-made clothes, construction materials, chemical products, and engineering and electronic goods.
In January, non-petroleum exports increased by 25 percent to $1.6 billion from $1.32 billion in the same month of 2016.
In November 2016, the central bank floated the pound against the dollar in an attempt to rescue the country’s flagging economy. The move caused the pound to plummet to an average exchange rate of EGP 18 to the dollar, compared to EGP 8.88 prior to the flotation.