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Egypt's QIZ exports to US amount to $12bn in 2005-2019: Nevine Gamea - Daily News Egypt

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Egypt’s QIZ exports to US amount to $12bn in 2005-2019: Nevine Gamea

34 companies join QIZ agreement with EGP 1bn investments

Egypt’s exports to the United States within the framework of the QIZ agreement amounted to about $12bn in the period from 2005 to 2019.

Nevine Gamea, Minister of Trade and Industry, affirmed the ministry’s keenness on increasing Egyptian exports to the American market, as it is one of the most important receiving markets for Egyptian products worldwide.

She stressed the ministry’s full support to all exporters to benefit from the free and preferential trade agreements signed between Egypt and the various global economic markets and blocs, which contributes to bringing about a boom in export rates.

She said that Egyptian exports to the United States of America rose by 31% last year, to reach $2.1bn, compared to about $1.6bn in 2018.

This came during Gamea’s participation in the symposium activities organized by the QIZ unit at the Ministry of Trade and Industry, headed by Ashraf Al-Rubaie, on the occasion of accepting 34 new companies to the QIZ agreement.

Al-Rubaie explained that the total investments of the recently joined companies reach about EGP 1bn, including foreign direct investments in the Egyptian market from China, India, Lebanon, and Turkey. He pointed out that these companies work in the fields of ready-made clothes, textiles, foodstuffs, and leather products.

Egypt ranks No. 20 in the list of the largest countries exporting to the American market in ready-to-wear products, with a total of $1.5bn within a year. Egypt also ranks fourth as the largest exporter of trousers to the American market, as the US annually imports $ 115bn worth ready-to-wear clothes and textiles.

Yasser Qarni, Commercial Counselor at the Commercial Representation Agency, said that there is a great opportunity for Egyptian exports to enter the US market within the framework of the QIZ Agreement and the Generalized System of Preference (GSP).

Hany Kassis, Chairperson of Misr for Industry and Trade (Mintra), reviewed the company’s success story in exporting to the American market and achieving an annual increase of up to 700% capitalizing on the QIZ agreement.

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