Prime Minister: We aim to increase exports by 15-20% annually

Madbouly to the heads of export councils: We are here today to hear your visions and proposals and what is required of us as a government.

Today, Dr. Mostafa Madbouly, Prime Minister, held a meeting at the government headquarters in the New Administrative Capital to follow up on efforts to enhance export rates from various productive sectors, as well as ways to deepen local industries, which in turn contribute to increasing export rates, which consequently enhances the dollar receipts from exports.

The meeting was attended by Engineer Ahmed Samir, Minister of Trade and Industry, Major General Essam Al-Najjar, Chairman of the General Authority for Export and Import Control, and heads and officials of export councils.

The Prime Minister pointed out that the dollar shortage crisis that the Egyptian economy went through during the last period as a result of many successive external shocks, despite its difficulty, demonstrated the inevitability of relying on the sustainability of hard currency resources, adding: “All in all, industry and export are considered among the most important resources.” generating hard currency.”

In his speech to the heads of the export councils, Madbouly said: “I have previously met with you more than once, with the aim of working to push and stimulate the various export sectors,” noting that Egypt’s total exports amount to 53 billion dollars annually, and “with a simple calculation, if this were increased The numbers range from 17-18%. In 2030, we will reach the value of exports to about 145 billion dollars.”

The Prime Minister continued that the current period is witnessing stability in the availability of dollar resources, stressing that the government is working through more than one axis to ensure the sustainability of the state’s hard currency resources.

He added: “We are here today to listen to your visions and proposals, and to know your demands from us as a government, and what we should move towards according to a realistic approach to achieving these goals, provided that we have the ability to measure this, according to a clear mechanism.”

Madbouly stressed the government’s readiness to respond to any requests to localize and deepen the industry locally, and expand existing industries, adding: “We have a list of a number of products and industries that we need, and there are incentives that will be provided to those who localize the manufacture of these products.”

Counselor Mohamed Al-Homsani, the official spokesman for the Presidency of the Council of Ministers, said that Dr. Mustafa Madbouly discussed, during the meeting, the export burden refund program, stressing that the government has one specific goal, which is “to have an increase in our exports from 15% to 20% annually.” “. In this context, the Prime Minister instructed all attendees to formulate a practical implementation plan to achieve these goals according to a specific timetable, indicating that he would meet again with them after two weeks. To discuss this plan and settle on its terms.

Meanwhile, the Minister of Trade and Industry reviewed a report on the rates of merchandise exports during the first quarter of the current year (2024), which amounted to 9 billion and 612 million dollars, compared to 9 billion and 129 million dollars during the same period in 2023, achieving an increase rate of 5.3%.

The minister explained that the report included the largest receiving markets for Egyptian merchandise exports during the first quarter of this year, which included Turkey with a value of $874 million, the Kingdom of Saudi Arabia with a value of $792 million, the United Arab Emirates with a value of $586 million, Italy with a value of $544 million, and the United States of America with a value. $471 million.

He added that the report included the most important export sectors that formed the structure of Egyptian merchandise exports during the first quarter of the current year, and included building materials worth one billion and 958 million dollars, food industries worth one billion and 546 million dollars, chemical products and fertilizers worth one billion and 445 million dollars, and agricultural crops worth one billion and 444 million dollars. $, engineering and electronic goods worth $1.27 billion, ready-made clothing worth $673 million, spinning and textiles worth $273 million, printing, packaging, paper, books, and artistic works worth $244 million, medical industries worth $156 million, and furnishings worth $141 million. Furniture worth $67 million, handicrafts worth $52 million, and leather, shoes and leather products worth $34 million.

He explained that the report included the most prominent export items that achieved an increase in the structure of Egyptian merchandise exports during the first quarter of 2024, which included fresh and dried citrus fruits worth $625 million, nitrogen fertilizers worth $421 million, insulated wires and cables worth $339 million, and oil oils worth $317 million. And gold worth $303 million.

Engineer Ahmed Samir said that the report contains indicators of the industries that must be supported, and these are the industries in which we have a competitive advantage.

In turn, the heads and officials of the export councils pointed out during the meeting that we have a competitive advantage in some industries, and therefore we must work to support them and increase their production capacity.

They stressed the necessity of having an indicative price for agricultural crops, especially since they are an essential component of the food industry, and working to increase land shipping rates to neighboring countries and facilitating its procedures, with the need to promote the distinguished Egyptian food product, which has a good reputation.

The heads of the export councils also presented a proposal to issue what could be called a tax-exempt “exporter’s licence,” which would allow us to have a new profession, the “exporter” profession, stressing that this profession will witness great demand, especially in light of the provision of appropriate incentives.

They stressed the need to expedite the disbursement of the value of refunding export burdens, and that it should be aimed at attracting more foreign investments that contribute to the localization and deepening of local manufacturing, especially for the feed industries and components, by providing appropriate incentives to attract these investors to provide them for the local market, as well as for export.
They pointed out that the export burden rebate program must be clear, explicit, and continuous for a long period, and that disbursement must be taken into account on fixed dates.