Floating pound increases competitiveness of Egyptian industries

CAIRO– 30 October 2017: Chairman of exporters Division at the Federation of Egyptian Chambers of Commerce (FEDCOC) Sherif al Gabaly on Monday hailed the decision of floating the Egyptian pound.

Such decision had several positive effects on the Egyptian industries especially those with high ratio of local component, making them more competitive, domestically and abroad, Gabaly noted in statements on the sidelines of the second "Revamping Foreign Trade".

For the sake of the Egyptian industries, the government should consider additional files including the gas prices for various industries as there are neighboring countries selling gas at lower prices, affecting competitiveness of our industries, Gabaly added.

Gabaly who also doubles as the chairman of the Egyptian-Indonesian Business Council during the coming period, affirmed that the council will organize a visit to Indonesia in cooperation with trade representative entities as well as the Indonesian side.

Studies to determine the structure of Indonesian imports have been carried out with the aim of identifying prospects of cooperation, Gabaly said, adding that there is an opportunity for increasing Egypt's export to Indonesia in the fields of agriculture, chemical industries and other sectors.