US supports Egypt’s $100 bln export goal: USAID

Ahram Online , Wednesday 13 Sep 2023

The United States is committed to supporting Egypt’s goal to increase annual exports to $100 billion, said Laura Gonzalez, director of economic growth at the US Agency for International Development (USAID).

Finance   Investment: Catalysts for SME Export Growth event.
Finance Investment: Catalysts for SME Export Growth event.

 

Gonzalez reiterated USAID’s pledges towards the development of the commercial and investment environment in Egypt that caters to the needs of entrepreneurs and exporters, according to a statement on Wednesday.

In 2022, Egypt announced an ambitious goal to increase annual exports gradually to $100 billion in five years, up from $43.6 billion in 2021.

The figure increased to $51.6 billion in 2022.

Increasing exports will aid the Egyptian government’s plans to bring in $191 billion in annual revenues by 2026, up from the current figure of $70 billion.

The USAID is keen on providing technical assistance to small and medium sized enterprises (SME), she added.

Gonzalez made her comments on the sidelines of the annual conference for finance and investment in Cairo, which this year is focusing on growing exports by SMEs.

The conference is being put on by USAID’s Trade Reform and Development in Egypt (TRADE) programme and aims to create links between financial institutions and SMEs.

The event was attended by more than 200 high-ranking government and non-government officials including banks, investment companies, law firms, and export councils.

With decades of collaboration and over $15 billion invested, USAID has aided the Egyptian government and private sector in modernizing and expanding the economy.

Support includes assisting the government to upgrade its tax system, boost public revenue, advance customs and lower trade barriers, cut red tape and improve business services, as well as craft strategies to spur investment in Egyptian industries.

Support includes assisting the government to upgrade its tax system, boost public revenue, advance customs and lower trade barriers, cut red tape and improve business services, as well as craft strategies to spur investment in Egyptian industries.

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