CEC Forecasts Increased Investment In Chemicals, Fertilisers In Upcoming Period

(MENAFN- Daily News Egypt)

Khaled Abu Al-Makarem, Chairperson of the Chemical and Fertilisers Export Council (CEC), has affirmed a surge in investment across various industrial sectors shortly. This positive outlook is driven by recent governmental initiatives aimed at bolstering industry and exports.

During his remarks at the opening of the Egypt Projects exhibition for building and construction materials, along with WindWorks for glass and aluminium, Al-Makarem emphasized that investors and business leaders have responded favourably to the government's signals. These signals include facilitating currency access for importing production necessities, opening lines of credit, and offering affordable financing for the industry. Notably, the initiative to extend loans to the industry at a 15% interest rate has garnered attention.

This sentiment has prompted numerous companies to express their intentions to expand and integrate new production lines. Several suppliers are also considering investments in the Egyptian market to locally produce industrial components that were previously imported from abroad.

Abu Al-Makarem highlighted the significance of the head of the Industrial Development Authority's attendance at the opening. Among the key messages conveyed was the government's commitment to fostering domestic production. Additionally, the government supports locally manufactured goods that can compete with foreign products in terms of quality and price. The ultimate goal is to gradually substitute imported goods with local ones, thereby reducing the import bill and lessening reliance on foreign currency.

Another important message conveyed is the state's dedication to boosting investment levels and enhancing the local industry's competitiveness, ultimately augmenting export volumes.

Abdelrahman Aboulmakarem, Business Development Manager at MakaremTex, acknowledged the encouraging signals from the government. However, he also highlighted significant challenges that remain. Chief among these challenges is the persistent scarcity of certain essential raw materials required for production in the market. Despite the availability of currency, importing raw materials still poses numerous obstacles due to the absence of the final product in the local market.

Aboulmakarem advocates for streamlining the import process for raw materials and promoting the establishment of factories dedicated to producing these materials. He also emphasised the importance of participating in international exhibitions and enhancing support percentages for specialised exhibitions. These exhibitions serve as crucial channels for Egyptian exports to access foreign markets.

He further noted that many companies boast top-quality products but lack the means to penetrate foreign markets. Additionally, he stressed the urgency of expediting export support procedures and ensuring timely disbursement of support to exporters.

Osama Wasfy, CEO of Top Crete Company, revealed ongoing discussions about a potential collaborative venture with an Emirati investor in Ras El-Hikma. Furthermore, exploration is underway regarding a project similar to the company's initiatives in cooperation with a Saudi investor in NEOM.

Mohamed Hamed, Founder of Fly Construction Chemicals, shared that the company currently exports to about 12 countries. However, they aspire to increase the number of countries to which they export. This indicates an opportunity to establish projects in partnership with the company's foreign partners, provided that the necessary lands are available for new projects.

The companies exhibiting at the two exhibitions represent all sectors of building materials, including marble and granite, cement, gypsum, bricks, ceramics, sanitary ware, paints, building materials, chemical products, insulating materials, doors, windows, and glass.

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