Prime Minister: We Expect Commodity Exports to Increase to 50 Billion Dollars

The Prime Minister discusses a meeting with export councils and expects exports to rise to 50 billion dollars.

SUMMARY

The Prime Minister held a meeting with heads of export councils to double exports, expecting non-oil commodity exports to grow by 20% to reach 50 billion dollars, focusing on supporting various sectors and providing investment incentives.

KEY HIGHLIGHTS

Held an important meeting with heads of export councils aiming to double exports.
Egypt achieved the lowest trade deficit in 10 years due to increased exports.
Expected growth of non-oil commodity exports by 20% to reach 48-50 billion dollars.
Linked exports to the burden refund program to achieve unprecedented growth and reduce the trade deficit.
Significant progress in engineering products, home appliances, and ready-made garments sectors.

CORE SUBJECT

Increase in Commodity Exports in Egypt

Dr. Mostafa Madbouly, Prime Minister, stated that he held an important meeting this week with all the heads of export councils in Egypt, aiming to double exports.

During the weekly government press conference on Wednesday evening, he emphasized the importance of continuing coordination and listening to all export councils to enable those in charge to double exports, seize the real opportunity and the investment climate provided by the state, identify challenges, and meet their needs.

He pointed out that Egypt achieved the lowest trade deficit in the past 10 years last year as a result of a significant increase in export rates.

He expected non-oil commodity exports to grow by 20% in the new fiscal year, reaching between 48 to 50 billion dollars.

He highlighted linking exports to the burden refund program to achieve the targeted unprecedented sector growth, contributing to providing foreign currency, reducing the trade deficit, and securing the stability of the Egyptian economy.

He mentioned that many sectors have achieved a significant leap, such as engineering products, home appliances, and ready-made garments, announcing that the government is working on a set of facilities and incentives to encourage investment fields in the coming period.

KEYWORDS

exports Egyptian economy trade deficit export councils investment

MENTIONED ENTITIES 3

Mostafa Madbouly

👤 Person_Male

Prime Minister of Egypt

Export Councils in Egypt

🏛️ Organization

Bodies representing various export sectors in Egypt

Egypt

📍 Location_Country

Country covered by the news