Egypt’s exports up by 20% Y-o-Y in 1Q 2022: Trade minister

Ahram Online , Monday 23 May 2022

Egypt’s exports increased by 20 percent in the first quarter (1Q) of 2022, compared to the same period in 2021, despite the global crises, according to Minister of Trade and Industry Nevine Gamea.

PM Madbouly chairs the meeting on promoting exports. Cabinet


The minister reported the numbers during a meeting on Sunday with Prime Minister Mostafa Madbouly and the heads of export councils to discuss proposals to double the country’s exports.

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

Egypt has already achieved a noticeable increase in the field of exports, but the government looks forward to achieving leaps in exports, read a cabinet statement.

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 — an increase of 26 percent — according to figures released by the trade ministry.

Madbouly added that the government views the current global crisis as an opportunity to work on some tracks, foremost of which is the industry and export sector.

He also instructed Gamea to prepare with the export councils general worksheets — one for each council — on how to double the export rates.

Furthermore, the PM directed Gamea to speed up 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.

Madbouly’s directives go in line with the country’s efforts to provide more facilities for investors and raise the private sector’s engagement in the economy to 65 percent within three years, up from the current 30 percent.

These measures are part of a broader plan Madbouly announced last week to cope with the current global economic crisis resulting from the coronavirus pandemic and Russian-Ukrainian War.

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 industrialisation, she added.

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