15 Dec 2021
The Minister of Trade & Industry reported that Egyptian exports have shot up by 25% YoY during 10M21 to sit at USD26bn. She partly attributed the rise to the export stimulus measures that have been implemented by the government. A key example are the multi-faceted export development programs that were executed, which leveraged existing trade partnerships with international markets, capitalized on preferential trade agreements, and provided export subsidies in various forms. Also, a new law regarding SMEs has been passed, which provides numerous benefits and incentives for these types of business, which represent over 70% of the Egyptian economy.
More stimulation measures are on the way, including streamlined legislation regarding industrial land allocation, industrial licensing, and importer registration. These should provide a permanent boost to industrial investments by local as well as foreign investors. A comprehensive plan to boost exports to Africa in specific is under way, involving improving the transportation of exports, increasing exhibitions exposure, targeting new markets, developing border areas, increasing the reliance on local inputs, and understanding the value-adding process to enhance output quality, competitiveness, and profitability.
(Source: Business Today Egypt (English), Egypt Today (English), Mubasher, al-Ahram, al-Youm al-Saabe, al-Dustour, Akhbar al-Youm)