Egypt’s importing bill drops by $7bn since beginning of 2016: Minister

The total volume of Egypt’s imports declined by US$7 billion since the beginning of 2016 until now, state’s Trade Minister Tarek Qabil said Monday.

He clarified that this drop comes as pursuant to ministry’s plan to rationalise importing and replacing it with the national industry.

The minister made these remarks during his meeting with Chairman of Federation of Egyptian Chambers of Commerce (FEDCOC), Ahmed El-Wakeel and members of housewares division at the FEDCOC.

During the meeting, division’s members expressed their keenness on establishing a number of new industrial projects for manufacturing housewares instead of importing them.

Qabil said that the ministry, with its all affiliate agencies, would support these projects so as to deepening national industry and raising Egyptian products shares in local and global markets.

The ministry is ready to provide new investors with utilised industrial lands in Upper Egypt in order to support government’s approach to develop Upper Egypt and provide job opportunities for youths there, the minister noted.

Qabil added that the ministry is about to issue a number of new licenced factories in Badr City in January 2017 among its plan to establish licenced and utilised industrial complexes.

On his side, Chairman El-Wakeel asserted that the suggested project of housewares division targets licencing industrial lands to build a factory to meet local market’s needs of household goods.