Trade exchange between Egypt, Pakistan reaches $231M in 2017: Min.

CAIRO - 24 September 2018: Trade exchange between Egypt and Pakistan exceeded $200 million, reaching $231 million in 2017, Minister of Planning Hala el-Saeed said.

Saeed clarified that this volume doesn’t meet the ambitions of both countries, adding that the volume of investments does not reflect the finances, human resources and the competitive and service capabilities of the two countries.

This came during the minister's participation at the Egyptian-Pakistani summit celebrating 70 years of diplomatic Relations.

The minister reviewed the results of the Egyptian reform program, stating that Egypt recorded the highest annual growth rate in 10 years, reaching 5.3 percent, in 2017/18.

She added that the structure of the Egyptian economy has been changed to be led by investment and exports instead of consumption, representing 74 percent of the achieved growth.

“Non-petroleum exports increased 18 percent during the first nine months of 2017/18, recording $18 billion, up from $16 billion,” Minister Saeed said.

Saeed also referred to foreign reserves which hiked to $44.3 billion in June 2018, from $14.9 billion in 2014, to cover more than eight months of imports instead of only three months.

The minister further disclosed that the government targets to raise the growth rate to 8 percent in 2021/2022.

As per the industrial sector, Saeed said that Egypt targets to increase the industrial growth rate to 6.3 percent in 2018/19 and 10.7 percent in 2021/22.