(MENAFN- Daily News Egypt) Egypt's Minister of Trade and industry Ahmed Samir said that the export sector received great attention from the government due to its pivotal role in the economic development system adopted by the state.
The minister added that exports volume increases year after year, accordingly, total Egypt's non-oil exports in 2014 amounted to approximately $22.2bn, which increased by the end of 2022 to register $35.7bn, an increase of 60.8%.
Samir explained that these positive indicators reflect the ability of the Egyptian export sectors to deal with the current global economic challenges.
He pointed out that the state's success in implementing export subsidy programmes contributed to maintaining the competitiveness of Egyptian products in various foreign markets, as EGP 56.5bn were disbursed from mid-2014 until the end of June 2023 to more than 2,700 companies.
Egypt has signed and ratified some trade agreements to boost external trade, namely signing an agreement to launch the African Continental Free Trade Area (AfCFTA) and completion of the ratification procedures of the agreement. Besides, Egypt's accession to the MERCOSUR agreement, the release of the first list of goods since the agreement entered into force in September 2017, and the release of the second list in September 2020. Thus, the goods that are completely exempt from customs duties within the framework of the agreement amount to approximately 3,200 commodities, including agricultural and manufactured commodities and building materials, in addition to textiles and ready-made clothes, along with applying a customs reduction for 6,900 commodities exchanged between Egypt and MERCOSUR countries.
Moreover, issuing a ministerial decree requiring the release of electric motor passenger cars, and that their import approval be opened during the model year, similar to conventional cars, and that they must not have been previously used and all the conditions stipulated in the list of rules implementing the provisions of the Import and Export Law have been met.
During the period from 2014 to 2023, the government has disbursed all amounts received from the Ministry of Finance and other parties to the Export Development Fund (EDF) with regard to the disbursement of subsidy due to exporters. The EDF has disbursed an amount of EGP 56.5bn in cash during the period 2013/2014 until the end of June 2023 to more than 2,700 companies.
Over and above, the government had provided 11,359 export opportunities with an estimated value around $7,47m, to provide a number of commodities and products, the most important of which are fresh and frozen vegetables and fruits. Further, it provided 2,171 foreign international tenders, dealing with 76,543 promotion and commercial inquiries, and providing export-related data. Likewise, it provided joint investment opportunities and projects with an estimated value of $28.12bn in fields of infrastructure, spinning and weaving, new and renewable energy, green hydrogen, ammonia and methanol.
Egypt supported the national strategy for green hydrogen and energy, which attracted foreign investments in the field of green hydrogen. This resulted in the Indian company Renew Power signing an agreement to establish a project to produce green hydrogen in the Suez Canal Economic Zone, valued at $7.8bn, and the German H2 Industries group to conduct a feasibility study for establishing a production Hydrogen plant, with investments of about $3bn.