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IMF reviews Egypt’s efforts to boost exports, set up industrial parks
19 March 2021  -  Organization :  -  Sector/Entity :  -  Category : General

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Egypt aims to increase its exports to reach $100 billion by opening new markets in Europe, Africa and the Arab world, Gamea says.

Cairo- Mar 19, 2021

Minister of Trade and Industry Nevine Gamea has met with a delegation of the International Monetary Fund (IMF) Mission to Egypt headed by Celine Alao, via video conference, to review the country’s efforts to increase exports and establish industrial complexes.

Gameastressed Egypt's keenness to remove all obstacles hindering its exports, through the automation of import, export and customs clearance procedures, facilitation of logistics to African markets, as well as the establishment of a $600 million venture capital firm to guarantee the risks of exports.

She noted that work is underway on the Cairo-Cape Town road project, which would facilitate the movement of goods between Egypt and various African nations.

“Egypt aims to increase its exports to reach $100 billion by adopting a strategic plan to open new markets, especially in Europe, Africa and the Arab world,” the minister noted.

The government, she added, is implementing a new export support program aimed at deepening the national industry, developing SME exports and supporting land, sea and air freight for local shipments.

Regarding efforts to build equipped industrial complexes, Gamea pointed out that 13 new industrial complexes are being completed in a number of governorates, especially in Upper Egypt, where seven parks have already been delivered.

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