Trade ministry eyes 8% industrial growth in Egypt until 2020

Egyptian trade and industry ministry targets achieving industrial growth rate of 8 percent beside lowering state’s deficit in trade balance by 40 percent until 2020, Minister Tarek Qabil said Tuesday.

The ministry also plans to increase the participation of industry sector in Egypt’s GDP to 21 percent until 2020, Qabil stated.

The minister made these remarks during his meeting with members of industrial committee at the Egyptian parliament.

He pointed out that ministry’s strategy aims at creating 3 million new job opportunities in addition to boosting Egyptian exports by 100 percent annually.

This strategy comes as pursuant to Egypt’s Sustainable Development Strategy: 2030 Vision, the minister clarified.

Trade ministry is currently improving a future vision for the coming five years to upgrade both industrial and trade sector.

Qabil noted that the ministry has urgent plan that includes improving trade and industry climate in line with drawing necessary plans for investment, trade, and industrial reformation so as to start executing them before the end of current fiscal year.

The ministry targets achieving its plans through solving problems that face investors and exporters in addition to developing trade and industry climate, introducing legislations necessary for industrial reformation, restructuring trade ministry, and stopping the decline in exports volume.