Egypt’s food industry contributes 14% to exports – minister

Egypt’s food industries sector directly contributes 14 per cent of the nation’s exports, with investments exceeding 500 billion Egyptian pounds and providing over 7 million jobs across more than 7,500 establishments. Minister of Investment and Foreign Trade, Hassan El-Khatib announced during the first economic conference for food industry exporters.

El-Khatib emphasised the government’s goal of boosting Egyptian exports to $140 billion, which will require significant increases in productive investments, particularly in the manufacturing sector. He stressed the need for $40 to $50 billion in additional investments to expand production capacities, which currently stands at between $40 and $50 billion.

The minister underscored the importance of commodity exports in driving Egypt’s economic growth, noting that achieving sustained export growth depends on strengthening investment, manufacturing, and employment. The government aims for over 20 per cent annual export growth by encouraging private sector investment, especially in intermediate and feeder industries, and fostering innovation.

Despite recent economic challenges, El-Khatib pointed out that the food industries sector has continued to expand over the past five years, with local components playing a crucial role in production. Investments in the sector are expected to continue rising.

El-Khatib also announced plans to review and simplify industry regulations to boost investment and production. He revealed that the government will release a ten-year investment and trade policy document, outlining strategies to attract both local and foreign investors.

Attribution: Egyptian Cabinet

Subediting: M. S. Salama