(MENAFN- Daily News Egypt)
Egyptian Prime Minister Mostafa Madbouly is confident that the country's exports can reach and surpass $145bn by 2030, compared to around $53bn in 2023.
Madbouly emphasized the importance of collaboration between the government and the private sector to achieve this ambitious target. He made these remarks during a press conference following a tour of development projects in Port Said and Damietta governorates on Saturday.
A key focus of the government's export strategy is achieving an annual growth rate of at least 15% across all export sectors, with a particular emphasis on industrial exports. Madbouly highlighted the need to tailor export support mechanisms to the specific needs of each sector, rather than offering a one-size-fits-all approach. He urged export councils to identify target markets and required support.
The government is also developing programs to incentivize investment in export-oriented industries. Each export council will develop its own plan, with the government providing close coordination to launch these initiatives within the next two weeks.
Importantly, the government has identified industries and sectors where increasing local components can deepen manufacturing capabilities, reduce import reliance, and meet domestic market demands.
A prime example of this strategy is the Pyramids factory for tyre and rubber product manufacturing. The factory has transitioned from producing small sizes for motorcycles and tuk-tuks to addressing the import gap for cars, microbus, and truck tyres. They have begun trial production of radial tyres for cars and microbuses, catering to the majority of vehicles on Egyptian roads.
Currently, production is underway for sizes 12 and 13 radial tyres, with plans to expand to sizes 14 and 15 soon. The factory aims to cover over 25% of local demand by October, with the owner expressing confidence in reaching 60% to 70% by 2026.
This focus on industrial development aligns with the government's broader strategy for achieving sustainable economic growth. They recognize that overcoming challenges and ensuring long-term prosperity requires prioritizing productive economic activities, particularly manufacturing.
The upcoming period will see a concentrated effort on this front, with collaboration between the government and committed business leaders and manufacturers being paramount.
Public-Private Collaboration Key to Success
Prime Minister Madbouly acknowledged the importance of collaboration, expressing gratitude for the support received from various entities. He emphasized that the success of the Pyramids factory would not have been possible without this cooperation.
Ibrahim Gouda, Chairperson of the Board of Directors of the Pyramids Industrial Complex for Tire and Rubber Manufacturing, echoed the Prime Minister's sentiment.
He outlined the company's vision to develop the Egyptian tyre industry. They have begun trial production for sizes 12 and 13 radial tyres, targeting 25% of their intended production by October and aiming to reach 60% to 70% by 2025, covering sizes up to 17.
The company is committed to producing high-quality products for both domestic and export markets. They already export to several countries, including Tunisia, Morocco, Algeria, Syria, Turkey, Pakistan, Lebanon, Iraq, and Yemen, and have secured contracts for exports to the United States. Additionally, they are working towards obtaining E-Mark certifications to facilitate exports to Europe.
Gouda concluded by expressing gratitude to the political leadership, the Egyptian government, and the Port Said Governorate for their support, which has been instrumental in the company's achievements.
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