Egypt plans boosting exports to $40bn in 5 years

Exporters division at Federation of Egyptian Chambers of Commerce (FEDCOC) plans boosting Egyptian exports to US$40 billion during the coming five years, Head of the division Sherif El Gabaly said Thursday.

The official made these remarks during Export Plus conference held Thursday in which he said that exporting is the main factor behind the success of many growing states’ economies notably China, Korea, Brazil, and other states.

He added that exporting sector represents a key reason for Egyptian economy’s growth besides having direct and indirect benefits such as increasing state’s resources of hard currency, boosting operation and capacity, in addition to improving the quality of the Egyptian product.

El Gabaly noted that an Egyptian-Lebanese company has been established to enhance Egyptian exports to Africa as well as conducting a study for trade ministry to establish logistics centres in a lot of African states to increase Egyptian products’ presence there.