PM Madbouli reviews new program to achieve 'substantial increase' in Egyptian exports

CAIRO – 9 March 2023: Egypt’s Prime Minister Mostafa Madbouli reviewed on Thursday a new program that aims at achieving a “substantial increase” in Egyptian exports as one of the most important sources of foreign currency.

In a meeting with officials, Prime Minister Mostafa Madbouli asserted that the government gives great attention to supporting industry sector according to a plan that focuses on sectors that increase the Egyptian exports.

The new program seeks to grant exporters a percentage of basic assistance that would be determined based on the percentage of local components used in the exported product, the Cabinet said in a statement.

The program also includes providing additional assistance to the exporters with the aim of exporting products to new markets or settling in less developed geographical areas in Egypt, including Upper Egypt and border governorates, the Cabinet added.

The new program works through a number of axes linked to the state's priorities and on the basis of which the percentage of support for exports is determined, the Cabinet said.

These axes include deepening industry, developing Upper Egypt and border areas, developing the Suez Canal Economic Zone (SCZone), and enhancing access to Africa and target markets, the Cabinet added.

Egypt has been keen to boost exports to all markets especially over the past year as a major source of foreign currency given the pressure that the global economic crisis has applied to the Egyptian currency.

Egypt plans to raise its exports to Africa to $10-15 billion in the coming four years, up from $15 billion currently, Minister of Planning and Economic Development Hala El-Said has noted.