Egypt targets $145b annual exports via market diversification

The Egyptian government is working to diversify export markets as part of a strategy to expand Egypt’s presence across Africa, Europe, Asia, and North America, targeting annual exports of $145 billion, Minister of Investment and Foreign Trade, Hassan El-Khatib affirmed.

This announcement was made during his participation in the Private Sector Participation conference organised by the Centre for International Private Enterprise (CIPE), which discussed the role of the private sector in the upcoming period and how to empower it to play a larger role in the economy.

El-Khatib emphasised strengthening global trade relations, focusing on the African Continental Free Trade Agreement (AFCFTA) and partnerships with the EU. The government aims to reduce trade barriers, simplify customs procedures, and improve logistics to leverage Egypt’s strategic location as a gateway to multiple regions.

Key investment sectors include industry, health, agriculture, and renewable energy, particularly hydrogen production. El-Khatib stressed the importance of public-private partnerships (PPP) as vital for economic growth and job creation.

He also pointed to Egypt’s ambition to be a global leader in green hydrogen production, utilising its solar and wind resources to establish itself as a key exporter to European and Asian markets.

Attribution: The Egyptian Cabinet

Subediting: M. S. Salama