Daily News Egypt

Industry Ministry aims to boost exports to $34bn by 2020 - Daily News Egypt

Advertising Area

Advertising Area

Industry Ministry aims to boost exports to $34bn by 2020

EDBE and ECGE to be activated to increase competitiveness of Egyptian products across global markets

Minister of Industry and Trade Tarek Kabil said that the ministry is currently designing a strategy to boost exports by 2020.

In a press release issued on Monday, the minister said that his ministry aims to boost the value of exports from $18.5bn at the end of 2015 to $30-34bn in 2020.

The minister noted, in a meeting with export councils to discuss the new strategy, that the ministry will focus on choosing target markets and identify the competitive advantages of each sector, as well as activate protocols to guarantee and ensure exports, especially in Africa.

Kabil added that Egyptian products have great opportunities to enter many markets that are associated with Egypt via free trade agreements, such as the African, European, and Arab markets.

He said that the ministry will work on activating the role of the Export Development Bank of Egypt (EDBE) to carry out its main role of development and promotion of Egyptian exports to various foreign markets.

The minister pointed out that there is full coordination with the Central Bank of Egypt (CBE) to strengthen the role of the bank by penning a new strategy for the structure and operation of the bank. “This strategy relies on providing financing for exporting companies, which will boost their competitiveness and increase exports,” he added.

During the meeting, Kabil stressed the need to provide more export insurances for small- and medium-sized companies, especially since major companies have resources and good relations with international companies and banks, enabling them to overcome the risks of exporting to foreign markets.

President of the Chemicals and Fertilisers Export Council (CEC), Khaled Abou El-Makarem, said that activating the role of the EDBE and Export Credit Guarantee Company of Egypt (ECGE) to guarantee exports is a major aspect in the strategy to boost exports, calling for a new package of services to provide financing mechanisms at affordable interest rates, as well as more flexibility in providing export insurance services.

EDBE chairperson, Mervat Sultan, said that the bank is currently reviewing the services it provides to exporting companies to provide more financial services.

In addition, she added that the bank aims to help exporters promote their production in different markets.

Sultan noted that she is currently in several meetings with all concerned bodies, including banks commercial representation offices, businesspeople associations, and export councils, to learn about the challenges facing them. “This aims to put together a comprehensive vision to support exports and boost their value,” she stressed.

Advertising Area

Breaking News

No current breaking news

Receive our daily newsletter