Egypt’s Minister of Trade and Industry Nevine Gamea announced the main features of a new program of export subsidies which includes boosting national industry, developing Upper Egypt and the country’s border areas, as well as supporting projects established in the Suez Canal Economic Zone (SCZone).
Gamea held a meeting with heads of export councils to review the main features of the new program ahead of submission to Prime Minister Mostafa Madbouly for approval.
She pointed out that the program includes developing and enhancing exports to African and new markets, in addition to supporting land, sea, and airfreight for exports, as well as supporting export infrastructure.
Gamea added that it aims to increase export rates and avoid a decrease in Egyptian exports affected by the global economic downturn due to the coronavirus pandemic.
In addition, it would help achieve a substantial increase in Egyptian exports as the main source of foreign exchange, and a growth engine for competitive industries in the country, which are highly competitive in global markets.
She explained that the goals of the new program include increasing employment rates in various industries and achieving a fundamental shift in local and foreign investments while accommodating the economic repercussions of COVID-19.
The program also aims to enhance the national industry and the quality of the Egyptian product, as well as linking the Egyptian product to global supply chains and creating a new generation of exporters, according to the minister.
Gamea emphasized that the political leadership and the government want to expand Egyptian exports to foreign markets, that being a main catalyst for a large number of productive sectors in the local economy.
She pointed out that the new program reflects the current trends of the Egyptian government to develop the national industry and increase exports to global markets.
The minister pointed to the importance of reaching a complete consensus on the new program to achieve its desired goals in the industrial and export sectors.
The Ministry of Trade and Industry is keen to open new markets for Egyptian exports, especially in light of the exceptional circumstances that the global economy is going through due to the COVID-19 outbreak, Gamea said.
For their part, the export councils’ heads indicated the importance of addressing the problems of each council separately in the new program, in addition to supporting participation in local, global, and virtual exhibitions.
They also demanded achieving legislative stability for the industrial sector to enable the completion of projects that require several years to implement.
