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Egypt-France trade exchange climbs to €2.2bn in 11M18 - Daily News Egypt

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Egypt-France trade exchange climbs to €2.2bn in 11M18

Government adopts comprehensive development strategy until 2020 to improve competitiveness of local products, says Nassar

The value of Egypt’s total exports to France amounted to about €560m from January to November 2018, an increase of 7.3% compared to the same period in 2017, while the French exports to Egypt reached about €1.6bn, bringing the total trade exchange to $2.2bn over 11 months in 2018, said Egypt’s Minister of Trade and Industry, Amr Nassar.

“The French investments in Egypt are concentrated in food industry, chemical, building materials, automotive, pharmaceutical, and financial sectors,” Nassar stated in his speech during the Egyptian-French economic forum organised on Monday in Cairo.

The minister affirmed the importance of activating joint work between the two sides and diversify trade cooperation areas in the future to benefit from the enormous potentials and capabilities of both economies.

“We adopted a comprehensive development strategy for the period from 2016 to 2020, to improve the competitiveness of Egyptian products in foreign markets, increase exports, and facilitate entering new markets,” the minister said.

Nassar pointed out that the objectives of this strategy include increasing annual industrial growth rates to 8% and increasing the contribution of industry to GDP from 18% to 21%.

Additionally, he mentioned that the Egyptian government has adopted an ambitious economic reform programme and carried out brave measures aiming at restoring overall economic stability, affirming that this reform programme includes social support measures to protect the low-income people.

The economic reform programme was based on achieving sustainable development over implementing projects that support economic, social, and environmental development.

He noted that the country’s important projects included opening the New Suez Canal, the 1.5m feddans reclamation project, and others.

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