Prime Minister Mostafa Madbouly has stressed the necessity of developing an integrated vision for manufacturing production inputs locally, in coordination between the Ministry of Trade and Industry, all business federations, and export councils, along with holding upcoming meetings chaired by the Cabinet to review this vision in detail.
This came during a meeting he held on Thursday 1/2/2024 to discuss several proposed mechanisms to boost Egyptian exports. The meeting was attended by Minister of Finance Mohamed Maait, Minister of Trade and Industry Ahmed Samir, Head of the Federation of Egyptian Industries (FEI) Mohamed al-Sewedy and representatives of various industrial sectors.
Madbouli emphasized the state’s commitment, through its various agencies, to providing necessary support for Egyptian exports. Ambitious plans are in place to overcome obstacles and increase exports to reach dlrs 100 billion in value despite current economic challenges, he noted.
The premier highlighted the importance of regular follow-ups and continuous communication with private sector representatives, especially the FEI and the chambers of commerce. He stressed the need to evaluate and review the export support program in line with the state’s commitment to provide more support to exporters.
Ahmed al-Wakil, head of the Chambers of Commerce Union, addressed challenges related to logistics, transportation, and storage. He emphasized the importance of providing suitable warehouses in logistics areas to facilitate increased exports to targeted countries.
The African market was identified as a promising destination for exports, with the need to support sectors with significant export potential, such as outsourcing and information technology, al-Wakil said, calling for a supportive monetary policy for exporters.
The meeting discussed challenges facing export industries, including current conditions in the Red Sea region affecting maritime shipping and ways to attract investments providing production inputs locally instead of importing them. The participants called for additional support for the Egyptian export support program.
Madbouly stressed the importance of meeting local market needs for production inputs by attracting manufacturing investments, reducing the import bill, and deepening local manufacturing. He highlighted the necessity of increasing productivity through expanding existing projects and attracting new investments.
Sewedy acknowledged the current challenges, but emphasized the presence of significant opportunities for increasing Egyptian exports, which are currently characterized by their low value in the international market. He underscored the need to gradually manufacture production inputs locally.
Madbouly reiterated the importance of supporting national industries, expressing full confidence in the capabilities of the Egyptian industry. He emphasized the necessity of relying on Egyptian products and gradually improving their quality to meet the domestic market’s needs instead of importing from abroad.