Egypt government plans to double exports to US$55 billion

Egyptian Prime Minister Mostafa Madbouly announced on Friday that the government is determined to press ahead with implementing a new strategy to increase the volume of Egyptian exports, which means creating jobs, expanding production and increasing the country’s foreign exchange earnings, thus improving the country’s trade balance.

During a meeting with the ministers of finance, trade and industry to review the suggested strategy, on Friday, Madbouly asked for another meeting within the next few days with the heads of the export councils to present the final vision of the strategy’s new proposals, and implement it as soon as possible.

Egyptian Cabinet spokesman Nader Saad said that the strategy’s vision states that Egypt’s exports should be a key element to address the deficit in trade balance.

He said the strategy includes working to double the value of exports from US$24.8 billion currently to $55 billion.

Saad pointed out that the strategy also aims to increase the number of new manufacturers and commercial exporters and expand existing manufacturers, in addition to diversifying the products and services exported as well as raising their competitiveness.

At the same time, the strategy aims to increase domestic and foreign export investments, increase domestic output, increase the value added of Egyptian exports, reduce unemployment rates, and diversify and increase the markets importing the Egyptian products.

Minister of Trade and Industry Amr Nassar said that this strategy comes as the result of discussions and dialogue that took place during meetings held by the Prime Minister and representatives of 12 export councils over the past six weeks.

Edited translations from Al-Masry Al-Youm

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