The Engineering Export Council of Egypt has set an ambitious goal to achieve $5 billion in engineering exports for 2024, reflecting a projected increase of approximately 16.3 percent from the $4.3 billion recorded in 2023, council chairman Sherif El-Sayad told Ahram Online.
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Potatoes are one of Egypt's strategic crops and a staple that Egyptians rely on, especially with the inflationary wave the country is experiencing and the low purchasing power resulting from local currency devaluation for the fourth time.
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Ministers of the economic cluster in the new Egyptian cabinet vowed to boost the private sector to play a leading role in the country’s economic growth and to create new jobs.
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Ibrahim Embabi, Chairman of the Tobacco and Cigarettes Division of the Chamber of Food Industries in the Federation of Egyptian Industries (FEI), told Ahram Online that tobacco products are expected to see a rise next year due to the application of fees and value-added tax in line with the related laws.
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"Doctor, please write down an alternative medication for each type on the prescription" is a common plea among patients in Egypt now due to the severe shortage of medicines in the local market, intensifying daily and impacting both healthy and ill individuals.
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Four major fertilizer producers in Egypt have suspended their operations over the past few days due to a severe gas supply shortage, amid the ongoing regional tensions and unprecedented heatwave facing the country which significantly raised the gas portion used in power grids to generate electricity.
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The Egyptian pound's performance against the US dollar has fluctuated since the last depreciation of the local currency by the Central Bank of Egypt (CBE) on 6 March in line with its commitments to a flexible exchange rate regime under the $8 billion loan deal with the International Monetary Fund (IMF).
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In the dynamic commerce arena, the convergence of boycott movements against Israeli-backed products and the decrease in production costs resulting from the devaluation of the Egyptian pound has ignited a remarkable surge in the local industry.
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Some hope that Egypt’s Stock Exchange (EGX) will regain in May the heavy losses incurred in April in response to the geopolitical tensions in the region along with other local developments.
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Egypt’s private sector is struggling to implement the minimum wage limit the National Council of Wages (NCW) has set recently, while the sector faces challenges on multiple levels, several business owners told Ahram Online.
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Automotive experts say the US dollar’s recent depreciation in the parallel market has profoundly affected the car industry in Egypt, significantly reducing prices by approximately 20 percent.
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Experts say that Egyptian exports now have an opportunity to grow and compete globally due to the depreciation of the pound against the dollar.
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