The Minister Of Trade Announced That 34 New Companies Have Joined The QIZ Agreement

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Wednesday - 9 September 2020 - 1:3 PM




Nevin Gameh, Minister of Trade and Industry, affirmed the ministry’s keenness to increase Egyptian exports to the American market as one of the most important receiving markets for Egyptian products worldwide.



She pointed out that the ministry will support all exporters to take advantage of both preferential and free trade agreements signed between Egypt and the various global economic markets and blocs, that Contribute to a boom in export rates.



The minister said that Egyptian exports to the United States of America increased by 31% last year, to reach $ 2.1 billion, compared to about $ 1.6 billion in 2018.



This came during the minister's participation in the Seminar activities organized by the Qualifying Industrial Zones Unit "QIZ" headed by Dr. Ashraf Al-Rabiey, on the occasion of joining 34 new companies to the QIZ agreement for entering the American market.



Al-Rubiey revealed that the investments of the recently joined companies amount to EGP 1 billion, including foreign direct investments operating in the Egyptian market from Chinese, Indian, Lebanese and Turkish, in addition to a number of joint Egyptian-foreign investment, indicating that these companies are operating in ready-made clothes, textiles, Food commodities and leather products sectors.



He pointed out that Egypt ranks 20th in the list of the largest exporter countries to the American market in ready-made garments products, with total exports worth $1.15 billion during 2019, revealing that Egypt ranks fourth as the largest exporter of trousers to the American market.



Dr. Yasser Qarni, the commercial advisor of the Egyptian Commercial Service( ECS), said that there is a great opportunity for Egyptian exports to enter the American market, within the framework of the QIZ agreement and Generalized System Preferences (GSP).



He pointed out that ECS plays an important role in serving the exporting community as it contributes to providing export information, preparing marketing studies, providing export opportunities and solving problems, in addition to providing importers' lists and Awareness exporters about the advantages of various commercial agreements.