CAIRO - 7 March 2024: Prime Minister Mostafa Madbouly revealed that Egypt currently imports polyester worth approximately $800 million annually. This underscores the need to develop domestic production and reduce dependence on imports.
Madbouly inspected the artificial silk and polyester factory in Kafr El Dawar, and is currently heading to the Alexandria port to supervise the release of goods from the port.
“We began exporting the first shipment from the artificial silk (rayon) and polyester factory, and our own main priority is increasing our exports and deepening the industry. The state has a clear plan with incentives and is ready to implement it” Madbouly said according to local media.
Madbouly is supervising the release of goods from the Alexandria Port today, where he follows up on the progress of more than one release process from various Egyptian ports, in implementation of the directives of President Abdel Fattah El-Sisi.
Earlier in Feburary, Madbouly directed for a plan to gradually release goods in customs with priority to food commodities, medicines, and feed. During the meeting, El Hommosani explained some reports monitoring the total food commodities, medicines, and fodder in customs were reviewed, where it was noted that the total currently in stock is worth about $1.3 billion.
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