Egypt increases volume of exports, achieve self-sufficiency via increased investment

CAIRO - 4 October 2022: Egypt seeks to increase the volume of exports abroad by increasing production, in addition to achieving self-sufficiency in many products through increased investment. 

 

According to Ahmed Abdel Hamid, the Head of the Building Materials Division of the Federation of Industries, "there is an exceptional circumstance in the industry and economy in the world, but Egypt is able to exceed this period."

 

 

He added, during telephone call with a TV show on Sada el-Balad TV Channel, that increasing exports to $100 billion is the great dream of President Sisi.

 

 

Ahmed Abdel Hamid, Head of the Building Materials Division at the Federation of Industries, pointed out that the construction sector "may witness a boom during the coming period, especially in neighboring countries that are witnessing the reconstruction process."

 

 

He stressed that exports are the magic door to obtaining foreign currencies and solving problems, explaining that Libya, Iraq and Yemen are good futures for obtaining building materials that are produced in Egypt, such as cement and ceramics.

 

 

Meanwhile, Ashraf El-Jazairy, head of the Chamber of Food Industries, said that the cabinet meeting with the industry bodes well in support of industry and solving industry problems in Egypt, adding that we seek to reach $100 billion in exports to foreign countries.

 

He said that the crisis committee in the cabinet has been activated, and there are weekly meetings with the ministers, adding that the crude oil has increased, and the average increase is 24%.

 

 

For his part, Muhammad Al-Masry, First Vice President of the General Federation of Chambers of Commerce, confirmed that they aim to attract more direct Kuwaiti investments to maximize economic relations between Egypt and Kuwait, pointing out that Kuwaiti investors have seen the infrastructure in Egypt and see that it is a good opportunity to invest in.