Egypt’s chemical industries make up $60bn annually

The state annual chemical industries’ exports reached $5.6bn

The annual production of the Egyptian chemical industries recorded about $60bn, according to Khaled Abu Al-Makarem, Chairperson of the Chemical and Fertilizers Export Council.

However, Egypt’s annual chemical industries’ exports reached $5.6bn, accounting for 25 percent of the country’s total exports, he noted

During the council’s newly-formed Board of Directors’s first meeting , Abu Al-Makarem stressed the importance, strength, and attractiveness of the chemical industries sector to local and foreign investors.

Abu Al-Makarem also noted that the sector’s raw materials imports decreased by 32% during the first four months of 2020.

The decrease comes on the back of a greater dependence on locally produced raw materials, as well as government moves to reduce Egypt’s dependence on imports.