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Year in Review: trade, industry accomplishments in 2022
29 December 2022  -  Organization :  -  Sector/Entity :  -  Category : General

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A look back on a year of challenges and achievements.

Cairo- December 29, 2022

Boosting trade and developing industry have always been a top priority for the Ministry of Trade and Industry (MTI). Through vigorous efforts, MTI has managed to realize various achievements over the year, in spite of the global economic fallout of the COVID-19 pandemic and the Ukraine war.

Egypt’s exports witnessed notable growth in the first 11 months of the year, rising 11% to $32.575 billion from $29.405 billion in 2021. They are expected to hit $35 billion by the end of the year.

“Such positive indicators attest to the resilience of the country’s export sectors to weather repercussions of the pandemic and the Russia-Ukraine crisis,” Minister of Trade and Industry Ahmed Samir said.

The lump-sum payout initiative, launched by the government to settle export subsidy arrears, has maintained the competiveness of local products on international markets- with some EGP 16.7 billion disbursed to beneficiary companies over the year.

“The ministry aims to make the most out of Egypt’s vast network of FTAs to boost exports to an annual $100-billion target,” he added.

In this respect, MTI has been working on operationalizing the African Continental Free Trade Area (AfCFTA) to increase the access of its exports to African markets to reach $15 billion in the coming few years. Last October witnessed the signing of the first commercial deal to export food products to Ghana under the agreement, in the capital Accra.

More recently, Egypt chaired the 43rd COMESA ministerial meeting in Zambia in early December, within its efforts to achieve regional economic integration on the continent.

Furthermore, MTI affiliates Egyptian Commercial Service and General Authority for Export and Import Control managed over the year to provide 1,090 export opportunities worth $109 billion and inspect 103,392 food and chemical shipments respectively.

"Egypt’s industrial sector has seen unprecedented attention by the government and political administration, in the belief that manufacturing is the main driver of inclusive and sustainable economic development,” Samir noted, pointing to the ministry’s relentless efforts to stimulate especially industries with competitive advantages.

The National Strategy for Industrial Development will be launched early 2023, with five main targets:  an 8% industrial growth, hiking manufacturing share in GDP to 20%, boosting industrial exports to 18-25% annually, converting to green industries and overall increasing the country’s exports to $100 billion.

Over the year, MTI has put five industrial parks out to tender in the governorates of Qena, Assiut, Aswan and Fayoum, offering some 1,692 units; in addition to allocating 1.2 million sqm for 219 industrial projects.

The number of registered factories during the year amounted to 2,778 in various industrial activities, with investments worth EGP 48.742 billion, creating 155,000 new job opportunities in 25 governorates.

Other accomplishments include: conducting 15,661 inspection rounds in factories and accrediting 924 service and maintenance centers.

Moreover, Egypt signed, in May, the Industrial Partnership for Sustainable Economic Growth with Jordan, Iraq, and eventually Bahrain to promote industrial integration in the areas of food and drug security.

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