The Engineering Export Council, comprised of Egyptian companies working in the export sector, has formulated a plan to expand exports to 31 target countries. The move comes as part of a plan to double its exports to reach USD 5 bln within five years.
“Egyptian companies export to a very large number of countries, some reaching 40 to 60 countries. But they not work in a systematic way to target particular markets, and instead work according to demand, without a plan to enter specific markets and attain a growing share of consumption,” said Khalid Ibrahim, head of the exports council, during a seminar organised by the council on Monday. Ibrahim noted that engineering sector exports reached $2.2bn in 2013, or 11% of total Egyptian exports.
Ibrahim said that the council’s plan focuses on targeting specific markets, particularly the five key countries of Saudi Arabia, Italy, Kenya, Algeria and Kazakhstan, which account for approximately 13% of the exports sector.
“We will focus on the countries in which we have seen major growth as well as a diversification of our exported products, rather than limiting the plan to a specific number,” added Ibrahim.
He said that Arab and European countries remain the primary markets for Egyptian products, as well as a number of African markets, including Ghana, Nigeria, South Africa and Uganda. The strategy prepared by the council includes devising specific marketing plans for each country as well as a mechanism to utilise shared trade agreements with each country.
The Ministry of Industry, Foreign Trade and Investment called for the financial support of companies contributing to the penetration of new markets and increasing the presence of Egyptian products in key markets.
Source: Daily News Egypt