Egypt's PM Reviews Export Support Initiatives, Targets $100Bn In Annual Exports By 2030
Date
6/25/2024 11:12:09 PM
(MENAFN- Daily News Egypt) The meeting, held at the government headquarters in the New Administrative Capital, focused on strategies to enhance the competitiveness of Egyptian products, expand their reach in global markets, and provide comprehensive support to exporters.
The Prime Minister emphasized the government's ambitious plan to increase exports, aiming to reach $100bn annually by 2030. He highlighted the ongoing efforts to develop Egyptian products, offer investment incentives, and deepen industrialization.
These initiatives are in line with the state's objectives of increasing the local component in manufactured goods and growing the country's foreign exchange reserves.
The Minister of Trade and Industry, Ahmed Samir, provided an overview of the measures taken to launch several export support initiatives between 2019 and 2023. These initiatives, implemented in collaboration with the Ministry of Finance, have contributed to a 40% increase in non-petroleum exports during this period.
The meeting delved into the methodology for evaluating the current export support system and its effectiveness in achieving targets for each activity and export market.
Participants also discussed the basis for calculating the local component ratio and added value, as well as the potential for providing technical and technological support to exporting companies in addition to existing financial support.
Prime Minister Madbouly concluded the meeting by stressing the importance of promptly reimbursing Egyptian exporters for their expenses to encourage continued growth and expansion.
He also underscored the need to expedite the automation of the export support system.
In attendance were Ali El-Sisi, Assistant Minister of Finance for the General Budget, Amani El-Wassal, Head of the Trade Agreements Sector at the Ministry of Trade and Industry and Executive Director of the Export Development Fund, and Nevin Mansour, Advisor to the Deputy Minister of Finance for Financial Policies and Institutional Development.
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