Minister of Industry and Foreign Trade
The project is carried out in cooperation with the Industrial Development Authority (IDA) and the National Organization for Military Production (NOMP).
The minister clarified that the amount of the exports rose by $1.53 billion during the first half of the current year.
This came during a meeting held between Nassar and Chinese Ambassador to Cairo Song Aiguo.
The minister noted that the rise contributed to reducing the trade deficit between the two countries.
The total volume of foreign trade climbed 12 percent in the January-to-April period of 2018 to reach $29.36 billion, compared to $26.14 billion in the same period of 2017.
The minister clarified that the trade exchange between the two countries reached £1.86 billion in 2017.
Kabil added that Mars expansion plans are positive results of Egypt's economic reform program.
Mars investment’s volume will reach LE 2 billion with 10,000 job opportunities, according to the press release.
“Four industrial zones will be inaugurated in Qena and Sohag during the upcoming period,” Kabil noted.
The city will contain 568 factories with $2 billion as a paid capital to be invested during seven year, Minister of Industry and Foreign TradeTarekKabil said.
The SCZone signed in September a $60 million contract with China Jushi.
Around 960 factories were reported by the Ministry of Industry to have gone bankrupt in 2014.
Egypt aspires to become among the 30 strongest economies worldwide by 2030.
The IDA launched last week a monitoring campaign on 10,000 factories.
The Egypt-Mercosur trade agreement will help Egypt increase investment and foreign trade flows through cooperation with South American countries.
Egypt’s balance of payments registered a surplus of $13.7 billion in fiscal year 2016/17.
The deficit in the trade balance slumped $12.23 billion in the first eight months of 2017.
An 8 percent reduction in car tariffs was scheduled for 2018 to be fully eliminated by 2019.
Bilateral trade volume between Egypt and Brazil reached $867 million in the first nine months of 2017.
The first joint committee meeting of Egypt–Mercosur Free Trade Agreement held last week.
