Egyptian-Lebanese Business Forum kicks off Today

Egyptian Minister of Industry and Trade Mounir Fakhry Abdel will be opening today Egyptian-Lebanese Business Forum in Beirut.

A number of Egyptian business associations which will take part in the Forum including Federation of Egyptian Chambers of Commerce and Federation of Egyptian Industries in addition to Egyptian Lebanese Businessmen Friendship Association.

This forum is a great opportunity for holding private sector partnership between the two countries along with challenges and obstacles which hinder trade and investment between Egypt and Lebanon, Abdel Nour asserted.

Abdel Nour will hold meetings with senior officials of the Lebanese government, led by Tammam Salam Lebanon’s Prime Minister in order to review trade and economic cooperation development between the two countries and activate the joint trade agreements so as to increase intra-regional trade movement.

 

 

 

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Oil prices stabilise amid Middle East tensions

Oil prices stabilised on Monday after a seven per cent decline last week due to concerns about Chinese demand and reduced worries about supply disruptions in the Middle East.

Brent crude futures increased 0.11 per cent to $73.14 a barrel, while US West Texas Intermediate crude futures rose by 0.14 per cent to $69.32 a barrel.

Last week, Brent and WTI experienced their largest weekly declines since early September, falling by more than seven per cent and eight per cent, respectively.

The contracts saw their largest weekly declines since Sept. 2 due to slowing economic growth in China and decreasing risk premiums in the Middle East.

President Joe Biden mentioned a chance to resolve issues between Israel and Iran. However, the conflict in the Middle East escalated as Israel announced plans to target Hezbollah’s financial operations in Beirut.

In response to its economic challenges, China announced a cut in benchmark lending rates on Monday morning. This move is part of a broader stimulus package aimed at reviving the economy.

On the supply side, the number of oil and natural gas rigs operating in the United States decreased for the fourth time in five weeks, according to a Baker Hughes report. The rig count declined by one to 585.

Attribution: Reuters

Subediting: M. S. Salama

Egypt’s c.bank gives gold exporters 75-day payment relief

The Central Bank of Egypt (CBE) is extending the grace period for gold exporters to return export revenues to 75 days, up from the previous 30-day limit. This change aims to enhance gold exports and support the local gold industry.

The decision comes in response to recommendations from the Gold, Jewellery, and Precious Metals Division of the Federation of Egyptian Industries. The industry has been calling for measures to enhance Egypt’s gold export competitiveness.

Ehab Wassef, head of the division, stated that the extension is part of the government’s plan to boost total exports to $145 billion annually by 2030. He praised the CBE’s monetary policy reforms for improving conditions for exporters.

Egypt’s gold exports have surged to $1.46 billion in the first five months of 2024. The extended grace period is expected to further stimulate the sector and help Egypt become one of the world’s top 30 gold exporters by the end of the year.

Attribution: Amwal Al Ghad Arabic

Subediting: Y.Yasser

Egypt industry: Sisi restricts factory inspections, closure

Egypt’s President Abdel Fattah El-Sisi has issued a new directive concerning factory inspections in the country. Under this mandate, only the committee established by the Ministry of Industry, which operates under the Industrial Development Authority (IDA), is authorised to conduct inspections of industrial facilities.

The committee comprises representatives from several authorities such as the Ministry of Health, Ministry of Petroleum, Ministry of Environment, Ministry of Local Development, Ministry of the Interior, Ministry of Agriculture, Ministry of Labour, Federation of Egyptian Industries, Food Safety Authority, and Egyptian Drug Authority. No other entities, individuals, or inspectors are permitted to carry out inspections independently.

The president also directed not to close any industrial facility without the consent of the Minister of Industry, who shall refer the matter to the prime minister for approval.

 

Egypt’s cooking oil prices plunge 36% – ministry

Egypt’s Ministry of Supply and Internal Trade has reduced the price of cooking oil by 14 per cent starting from Saturday, according to an official statement.

This brings the total discount on cooking oil to 36 per cent since Prime Minister Moustafa Madbouly conferred with stakeholders a couple of weeks ago to urge them to introduce reasonable price cuts to food staples.

With the new reduction, retail price of a 1-liter bottle of blended cooking oil will start from 65 Egyptian pounds, representing a substantial saving for Egyptian households.

In a related context, Minister of Supply affirmed that food staples are available at reasonable prices following the recent customs releases exceeding $8 billion.

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Egypt’s trade balance deficit falls by 68% in Jan. ’24

Egypt’s trade balance deficit fell by 68 per cent in January 2024, a significant improvement, the Egyptian Cabinet said in a statement on Tuesday.

The statement said that the Egyptian commodity exports surged to $3.12 billion in January 2024, up from $2.887 billion in January 2023. Meanwhile, commodity imports decreased by 40 per cent to $4.476 billion in January 2024, down from $7.520 billion during the same month in 2023.

These positive indicators reflected a 68 per cent decline in the trade deficit in January this year, which dropped to $1.464 billion, from $4.634 billion in the same month last year.

In January, the top markets for Egyptian exports were Turkey ($292 million), Saudi Arabia ($263 million), Italy ($173 million), the UAE ($169 million), the U.S. ($168 million), and Libya ($162 million), according to the same statement.

The main exports were building materials ($624 million), agricultural produce ($467 million), chemical and fertiliser products ($421 million), food industries ($408 miilion), electronics ($356 million), and ready-made garments ($258 million).

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