The Intra-African Trade Fair (IATF) takes off in Cairo.
El-Gabaly emphasized the importance of fostering stronger ties with African countries, highlighting their potential as promising markets that cater to a staggering 1.5 billion people.
Speaking on the sidelines of the African Intra-Trade Exhibition (IATF 2023), he underscored Egypt's growing stature as a reliable gateway to Africa, as evidenced by the event, which featured over 1,950 foreign exhibitors.
Trade exchange between Egypt and African countries increased by 1.2 percent, reaching $5.82 billion during the first eight months of 2023, compared to $5.75 billion during the corresponding period in 2022, as per official data.
El-Gabaly further stressed the significance of strengthening relations with Africa and enhancing exports of petrochemicals and fertilizers, particularly to countries on the African continent.
He highlighted the crucial role played by the chemical industrial sector in Egypt's economy, with 14,000 Egyptian companies, and investments totaling $30 billion.
The chemical industries sector is one of Egypt's largest industrial export sectors, with chemical exports amounting to $6.6 billion in 2021. El-Gabaly expressed optimism that this figure will reach $10 billion by 2025.
Short link: