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Egypt to maximise Export Credit Risk Guarantee Company’s role in Africa: Tawfik - Daily News Egypt

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Egypt to maximise Export Credit Risk Guarantee Company’s role in Africa: Tawfik

Raising customs clearance procedure efficiency, reducing internal transport costs are most prominent ways to increase exports


Numerous procedures are being undertaken to increase Egypt’s export, according to Hisham Tawfik, Minister of Public Enterprises Sector.

Tawfik noted that this includes the El Nasr for Import and Export Company activating its branches abroad, to fulfil the role that has been assigned to it. 

Additionally to this, the Export Credit Risk Guarantee Company’s role should be maximised, particularly in Africa, to ensure it contributes to solving problems facing Egyptian exports there.

Khaled Abu Al-Makarem, Chairperson of the Export Council for Chemical Industries and Fertilizers, stressed that real changes need to be made to the system, and sooner rather than later. Only then will the country be able to achieve the targeted $100bn in exports within three years, in accordance with the directives of President Abdel Fattah Al-Sisi.

Minister of Transport Kamel El-Wazir and Minister Tawfik held a meeting with export council heads on Sunday to discuss ways to increase Egyptian exports. Abu Al-Makarem stressed that the desired increase in this sector will not be achieved by solving transportation problems or creating the best fleet for land and sea transport.

Rather, this goes beyond developing the customs system, instead focusing on eliminating the obstacles that negatively affect the competitiveness of the Egyptian product abroad.

Tawfik said that discussions are underway to re-activate the roll-on/roll-off (RoRo) system for transporting goods in a manner that would achieve the greatest benefit for Egyptian companies. This would also ensure a positive return for the ports in which the system is operated.

For his part, El-Wazir highlighted a set of measures to facilitate the transfer of Egyptian exports to various international markets, especially in Africa. This would take place through an activation of the regional linkage between Egypt and the Nile Basin countries.

During his presentation of the most important problems that limit the competitiveness of Egyptian products abroad, Abu Al-Makarem stressed the need to simplify, facilitate and accelerate customs clearance procedures. He also noted  that Egypt’s exporting and importing companies suffer from slow customs clearance procedures that result in a commensurately long waiting period for goods in ports and the accompanying imposition of fees.

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https://dailyfeed.dailynewsegypt.com/2020/09/07/egypt-to-maximise-export-credit-risk-guarantee-companys-role-in-africa-tawfik/
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