Egypt’s Prime Minister has outlined a strategic vision to boost the nation's exports to $100 billion annually by 2030, during a comprehensive review of export support initiatives at the government headquarters in the New Administrative Capital. This plan includes enhancing the competitiveness of Egyptian products, expanding their global market presence, and providing robust support to exporters.
The Prime Minister highlighted the concerted efforts to improve the quality of Egyptian products, enhance investment incentives, and further industrialization to meet these ambitious goals. These measures align with national objectives to increase the local content in manufactured goods and expand Egypt's foreign exchange reserves.
Minister of Trade and Industry, Ahmed Samir, reviewed the progress of several export support initiatives launched between 2019 and 2023, in collaboration with the Ministry of Finance. These efforts have led to a notable 40% increase in non-petroleum exports.
Discussions at the meeting also covered the evaluation methodologies of the current export support system and its effectiveness in reaching specific targets across different sectors and markets. The conversation extended to strategies for boosting the local component ratio and added value in exports, alongside enhancing technical and technological support for exporters.
Prime Minister Madbouly emphasized the critical importance of timely reimbursements for exporters' expenditures to encourage ongoing growth and expansion. He also highlighted the urgency of automating the export support system to streamline processes.
The meeting saw significant participation from key government officials, including Ali El-Sisi, Assistant Minister of Finance for the General Budget; Amani El-Wassal, Head of the Trade Agreements Sector at the Ministry of Trade and Industry and Executive Director of the Export Development Fund; and Nevin Mansour, Advisor to the Deputy Minister of Finance for Financial Policies and Institutional Development.
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