Newly appointed Trade Minister prioritises improving competitiveness of Egyptian product, deepening local manufacture

Newspaper Title: https://dailynewsegypt.com/

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Wednesday - 17 August 2022

Newly appointed Minister of Trade and Industry Ahmed Samir expressed his keenness to advance industry and foreign trade sectors and to move forward with all files managed by the ministry in a way that benefits the national economy.

He said that the ministry will work in full swing in order to restore the status of Egyptian products, developing existing industries and attracting investments to implement new industrial projects, with a focus on meeting the needs of the local market.

Samir added: “There are some files that will top the ministry’s priorities in the coming period, foremost of which is deepening local manufacturing, increasing proportions of local components in final products, providing raw materials and production requirements to drive production, encouraging the use of modern technologies.”

He pointed out that the current industrial policy will be evaluated, economic legislations will be discussed and reviewed as well as decisive decisions will be made with the aim of raising the competitiveness of industrial sectors, especially those sectors in which Egypt has competitive advantages. Besides, increasing export rates and opening more markets for Egyptian products to achieve goals of the Egyptian state to bring exports to $100bn annually.

The minister noted the international changes that the world is currently witnessing due to COVID-19 pandemic and the Russian-Ukrainian crisis, and the resulting economic repercussions that affected countries of the whole world, including Egypt. This imposed many challenges that required continuous diligent work with a strong will to strengthen the Egyptian economy system and provide required flexibility to confront any crises that may arise in the future.

The coming period will witness more coordination and communication with business community, including producers, exporters and importers, to set features of the next stage, and to emphasise objectives of the ministry’s action plan, especially since they represent key partners in setting and implementing Egypt’s vision represented by the Ministry of Trade and Industry to advance manufacturing and export sectors, Samir concluded.