Send To Friend
Year in Review: Trade, industry accomplishments in 2021
29 December 2021  -  Sector :  -  Entity :  -  Category : General

Other Titles

A look back on a year of challenges and achievements.

Cairo- December 29, 2021

Boosting trade and developing industry have always been a top priority for the Ministry of Trade and Industry (MTI). Through vigorous efforts, MTI managed to realize a various achievements over the year, in spite of the global economic fallout of the coronavirus pandemic.

"At a time when international trade is facing difficulties due to the global spread of Covid-19 and its variants, Egyptian exports amounted to $29.87 billion year on year during the first 11 months of the year, up 27% from $22.868 billion in 2020," Minister of Trade and Industry Nevine Gamea said, noting that they are expected to break the barrier of $31 billion by the end of the year.

In order to achieve an unprecedented leap in exports to hit $100 billion yearly, a presidential decree was issued to restructure the Supreme Council for Exports, which will be chaired by President Abdel Fattah al-Sisi.

MTI participated in Expo 2020 Dubai with a distinctive pavilion, which attracted over 500,000 visitors in three months, and chaired the 21st Summit of COMESA Heads of State and Government in the New Administrative Capital.

During the year, MTI organized a number of trade missions to Iraq, Sudan, Senegal, South Africa, UAE, Jordan and South Sudan; and signed an MoU with the Arab-Brazilian Chamber of Commerce to set up a representative office in Cairo.

It also launched a lump-sum payout initiative worth EGP 6.9 billion to settle export subsidy arrears with 1,355 beneficiary companies, and offered 103 training programs in exporting, importing and export logistics.

The Egyptian Commercial Service (ECS), an MTI affiliate, provided 1,189 export opportunities, some of which worth $1.86 billion, as well as managed to obtain an immediate release of citrus shipments exported to the Chinese market and lift customs duties of 35% imposed by the Ugandan authorities on Egyptian flat iron sheets.

"Egypt has made significant progress in the industrial sector too thanks to President Sisi’s keenness to upgrade local manufacturing," Gamea said. Industrial growth rate hit 6.5% during the fiscal year 2020/2021, and its contribution in the country's GDP rose to 17 %.

Upon the instructions of Egypt’s premier, the ministry has drafted a list of 100 incentive measures, in cooperation with government agencies, aiming to stimulate the industrial sector and create an attractive climate for investment. It also formed an executive council in charge of deepening local manufacturing.

Moreover, an MoU was signed with Jordan and Iraq to promote industrial integration, and another between the Industrial Development Authority and the Libyan General Authority for Industrial Zones to boost industrial cooperation.

Over 2021, the MTI established five new industrial complexes in the governorates of Luxor, Beni Suef, Minya, Red Sea and Qena with a total of 1,178 units, for construction materials, chemicals, engineering industries, food, textiles and decorative building materials.

The number of registered factories that started actual production during the year amounted to 2,778 in various industrial activities, creating 181, 452 new job opportunities in 27 governorates, with investments worth EGP 17. 993 billion.

Other 2021 accomplishments include: issuing 10,223 operating licenses to industrial facilities, in addition to the completion of the first phase of Robbiki Leather City, 25% of the second and 75% of the third.

Add new comment
Comment body*
(0) Comment(s)