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Trade, Supply Ministers open inaugural NEBU gold expo
19 February 2022  -  Sector :  -  Entity :  -  Category : Industry News

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The event aims to revitalize and develop this key sector and increase the competitiveness of its products.

Cairo- Feb 19, 2022

Minister of Trade and Industry Nevine Gamea, and Minister of Supply and Internal Trade Ali al-Moselhy have inaugurated the first exhibition for gold and jewelry “NEBU 2022”, held in Cairo on Feb 19-21, under the patronage of Egypt’s premier.

Organized by the Federation of Egyptian Chambers of Commerce (FEDCOC), the expo witnesses the participation of some 30 major companies in the field of gold manufacturing and trading, as well as a host of local and international jewelry designers.

The inauguration ceremony was attended by the ministers of planning, tourism, the Cairo governor, VP and secretary-general of the FEDCOC, and head of the General Division for Gold and Jewelry at the FEDCOC.

"The event aims to revitalize and develop this key sector and increase the competitiveness of its products,” Gamea said, noting that the exhibition will contribute to localizing the gold industry in Egypt, boosting the sector’s exports, attracting more investments and transferring modern technology.

The government, she pointed out, has adopted various major legislations to revive the industry and place Egypt once again among the leading countries in the field; with the country’s pre- pandemic gold exports exceeding $2.9 billion to 37 markets.

The minister pointed out that Egypt produces more than 15.8 million tons of gold from Sukari Gold Mine, which is expected to increase with the completion of the Golden Triangle project in the Eastern Desert.

It is also establishing the “City of Gold” over an area of ​​150 acres in the New Administrative Capital, which includes 400 technical workshops for gold production, another 150 educational ones and a technical school to integrate with Egypt Gold School in Obour, she further added.

According to official data, gold was one of the country’s key exports during 2021, amounting to $1.108 billion. The global jewelry market stands at an annual $228 billion and is expected to increase to $307 billion by 2026.

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