Trade and industry
have been a top priority for the Egyptian administration over the last eight
years, since July 2014.
Cairo- June 27, 2022
At a time of increasing global
economic challenges, developing industry and boosting foreign trade have been
atop the government’s agenda. The Ministry of Trade and Industry (MTI) has
exerted vigorous efforts for this end and achieved major accomplishments over
the last eight years under the leadership of President Abdel Fattah al-Sisi.
MTI has taken
significant measures to stimulate the industrial sector which employs 28.2% of the
country’s total workforce; hence, boosting its contribution to GDP to 11.7%,
with industrial output registering EGP 982 billion in 2021.
Over the last years,
43.5 million square meters of industrial land have been offered, four new
industrial cities and 17 SME complexes established in 15 governorates at an
investment cost of EGP10 billion, and 63,736 operating licenses granted to new
facilities, as well as approval for expansions to 82,152 manufacturing projects,
offering 4 million direct jobs.
With a national
shift towards more reliance on locally-made products, the ministry has outlined
a sum of 100 incentives to promote Egyptian manufacturing, including 58
short-term, 33 medium-term and nine long-term actions.
Likewise, the
president's endeavors have contributed to achieving upbeat foreign trade
indicators. Exports have since been on an upward trend, hitting an all-time $32.4
billion in 2021 up 46% compared to 2014, with imports slightly falling and the
trade deficit improving.
During Sisi’s eight-year
tenure, Egypt successfully joined the African Continental Free Trade Agreement
and the Mercosur, started talks for an FTA with the Eurasian Economic Union
(EAEU), and signed a partnership agreement with Britain.
Moreover, various
initiatives have been launched to rev up local production and trade flows with
the world, including: the ‘Made in Africa’ initiative- while chairing the 21st
Summit of COMESA Heads of State and Government, the Egypt-West Africa Business
Bridge, besides signing an agreement to establish Egypt's first export academy
in cooperation with the Islamic Trade Finance Corporation.