Prime Minister: We aim to increase our exports from 15% to 20% annually
Prime Minister Dr. Mostafa Madbouly confirmed that the government adopts one specific goal, which is “to have an increase in our exports from 15% to 20% annually,” explaining that he issued assignments for the heads and officials of export councils and entities. concerned with formulating a practical implementation plan to achieve these goals according to a specific timetable, and that a meeting will be held in this regard after two weeks; To discuss this plan, and settle on its terms.
This came during a meeting held by the Prime Minister, today at the government headquarters in the New Administrative Capital. To follow up on efforts to enhance export rates from various productive sectors, as well as ways to deepen local industries, which in turn contribute to increasing export rates; Which consequently enhances the dollar proceeds from exports.
The meeting was attended by Eng. Ahmed Samir, Minister of Trade and Industry, Issam Al-Najjar, President of the General Authority for Export and Import Control, and heads and officials of export councils.
He said. The official spokesman for the Presidency of the Council of Ministers, Counselor Muhammad Al-Homsani, said that – at the beginning of the meeting – the Prime Minister indicated that the dollar shortage crisis that the Egyptian economy went through during the last period as a result of many successive external shocks, despite its difficulty, demonstrated the inevitability of relying on the sustainability of resources. of hard currency, adding: “Everyone agrees that industry and export are considered among the most important resources generating hard currency.”
Madbouly explained – in his speech to the heads of the export councils – “I have previously met with you more than once; “With the aim of working to advance and stimulate the various export sectors,” he pointed out that Egypt’s total exports amount to 53 billion dollars annually, and “with a simple calculation, if these numbers were increased by 17-18%, in 2030 we will reach the value of exports to about 145 billion dollars.”
He added that the current period is witnessing stability in the availability of dollar resources, stressing that the government is working through more than one axis to ensure the sustainability of the state’s hard currency resources. He said: “We are here today to listen to your visions and proposals. In order to know your demands from us as a government, and what we should move towards according to a realistic approach to achieve these goals, provided that we have the ability to measure this, according to a clear mechanism.”
Madbouly stressed the government’s readiness to respond to any requests to localize and deepen the industry locally. And expansion in existing industries, adding: “We have a list of a number of products and industries that we need, and there are incentives that will be provided to those who localize the manufacture of these products.”
Meanwhile, the Minister of Trade and Industry reviewed a report on export rates. Merchandise goods during the first quarter of the current year (2024), amounting to 9 billion and 612 million dollars, compared to 9 billion and 129 million dollars during the same period in 2023, achieving an increase rate of 5.3%.
He explained that the report It included the largest receiving markets for Egyptian merchandise exports during the first quarter of this year, which included Turkey with a value of $874 million, the Kingdom of Saudi Arabia with a value of $792 million, the United Arab Emirates with a value of $586 million, Italy with a value of $544 million, and the United States of America with a value of $471 million.
He added that the report included the most important export sectors that formed the structure of Egyptian merchandise exports during the first quarter of this year and included building materials worth one billion and 958 million dollars, food industries worth one billion and 546 million dollars, and chemical products and fertilizers worth one billion dollars. And $445 million, agricultural crops worth $1.444 billion, engineering and electronic goods worth $1.27 billion, ready-made clothing worth $673 million, spinning and textiles worth $273 million, printing, packaging, paper, books, and artistic works worth $244 million, and medical industries worth $156 million. million dollars, furnishings worth 141 million dollars, furniture worth 67 million dollars, handicrafts worth 52 million dollars, and leather, shoes and leather products worth 34 million dollars.
He explained that the report included the most prominent export items that achieved an increase in the structure of Egyptian merchandise exports during the first quarter of 2024, which included fresh and dried citrus fruits worth $625 million, nitrogen fertilizers worth $421 million, insulated wires and cables worth $339 million, petroleum oils worth $317 million, and gold worth $303 million.
< p>Engineer Ahmed Samir said that the report contains indicators of the industries that must be supported, and these are the industries in which we have a competitive advantage.
In turn, the heads and officials of the export councils indicated during the meeting that we have a competitive advantage in some industries, Hence, work must be done to support it and increase its production capacity.
They stressed the necessity of having an indicative price for agricultural crops, especially since they are an essential component of the food industry, and working to increase land shipping rates to neighboring countries and facilitating its procedures, along with The necessity of promoting the distinguished Egyptian food product, which has a good reputation.
The heads of the export councils also submitted a proposal to issue what could be called an “exporter’s licence.” Exempt from taxes, which allows us to have a new profession, which is the “exporter” profession, stressing that this profession will witness great demand, especially in light of the provision of appropriate incentives.
The heads of the export councils stressed the need to expedite the Spending the value of refunding export burdens, and that it should be aimed at attracting more foreign investments that contribute to the localization and deepening of local manufacturing, especially for the feed industries and components, by providing appropriate incentives to attract these investors to provide them for the local market, as well as for export.
They pointed out that the export burden rebate program must be clear, frank, and continuous for a long period, and that disbursement must be taken into account on fixed dates.
