A look back on a year of challenges
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.
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.
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.
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
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.
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.
recently, Egypt chaired the 43rd COMESA ministerial meeting in
Zambia in early December, within its efforts to achieve regional economic
integration on the continent.
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.
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.
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.
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.
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.
accomplishments include: conducting 15,661 inspection rounds in factories and accrediting
924 service and maintenance centers.
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.