Egypt’s exports likely to increase 20% year-end: minister

Egypt’s exports are expected to rise 20 percent at the end of the year, Egyptian Minister of Trade and Industry Amr Nassar announced on Tuesday.

“Egypt’s Sustainable Development Vision 2030 targets an increase in the macroeconomic indices, including the export sector as a key source of hard currency,” Nassar said.

The Egyptian minister made his statements during his participation in the Egypt Economic Summit on Tuesday on behalf of Prime Minister Moustafa Madbouly.

Nassar explained that the government has undertaken legislative and structural reforms including new laws and amendments, including an amendment to the investment law, a new industrial licenses law, a competitiveness protection law, as well as laws on customs system and SME development.

“Recent years have witnessed intensive investments in infrastructure projects in Egypt, including road projects that have pushed Egypt to jump 90 spots in the global ranking of road quality, in addition to electricity and energy projects,” Nassar said.

Nassar said that the SME sector has been essential in contributing to the sustainable growth that has been achieved over the last years.

He added that Egypt aims to increase domestic manufacturing between 2019 and 2024 to boost the competitiveness of domestic products and stimulate investments.

Source: Ahram Online

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