Rédaction Africa Links 24 with MENA
Published on 2024-02-03 10:10:26
During a meeting held on Thursday, 1/2/2024, Prime Minister Mostafa Madbouly emphasized the need for a comprehensive strategy to develop local manufacturing production inputs. He called for coordination between the Ministry of Trade and Industry, business federations, and export councils to establish an integrated vision in this regard. Additionally, the Prime Minister announced upcoming Cabinet meetings that will review this vision in detail.
The meeting, which 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 from various industrial sectors, aimed to discuss proposed mechanisms to boost Egyptian exports.
Madbouli reaffirmed the state’s commitment to supporting Egyptian exports, despite the current economic challenges. He highlighted ambitious plans to overcome obstacles and increase exports to reach a value of dlrs 100 billion.
The Prime Minister stressed the importance of regular follow-ups and continuous communication with the private sector, particularly with the FEI and chambers of commerce. He also emphasized the need to evaluate and review the export support program in order to provide more assistance to exporters.
During the meeting, 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. Al-Wakil also identified the African market as a promising destination for exports and called for a supportive monetary policy for exporters.
The meeting also discussed challenges facing export industries, including current conditions in the Red Sea region affecting maritime shipping and ways to attract investments that would provide 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 significant opportunities for increasing Egyptian exports, which are currently characterized by their low value in the international market. He emphasized the need to gradually manufacture production inputs locally.
The Prime Minister reiterated the importance of supporting national industries and expressed 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.
Read Original article on Egypt Independent
