Madbouly highlighted the government's target to increase exports to $100 billion annually by 2030, emphasizing ongoing efforts to stimulate domestic production, attract investments, and deepen industrialization across sectors
In a recent strategic meeting, Egyptian officials outlined ambitious plans to boost the country’s export capabilities and enhance its global market presence.
Led by Prime Minister Moustafa Madbouly, the discussions focused on initiatives aimed at bolstering the competitiveness of Egyptian products and expanding their international footprint through comprehensive support measures.
Madbouly highlighted the government's target to increase exports to $100 billion annually by 2030, emphasizing ongoing efforts to stimulate domestic production, attract investments, and deepen industrialization across sectors.
Minister of Trade and Industry, Ahmed Samir, provided insights into recent export support initiatives undertaken between 2019 and 2023.
Collaborating closely with the Ministry of Finance, these efforts have already contributed to a notable 40% surge in non-petroleum exports during the specified period, according to an official cabinet release.
The officials deliberated on strategies to expand local manufacturing, stressing the potential for extended technical and technological assistance alongside existing financial aids.
The meeting was attended by Ali El-Sisi, Assistant Minister of Finance for the General Budget; Amani El-Wassal, Head of the Trade Agreements Sector at the Ministry of Trade and Industry and Executive Director of the Export Development Fund; and Nevin Mansour, Advisor to the Deputy Minister of Finance for Financial Policies and Institutional Development.
Recent statistics highlighted Egypt’s progress in the export sector, with non-oil exports reaching $16.5 billion between January and May 2024, marking a 9.8% increase compared to the same period in 2023.
In Mid-June, the TradeMin highlighted a particularly strong performance in May, where exports surged by $3.5 billion.
In April, Madbouly greenlit a substantial EGP 120 billion program aimed at providing subsidized loans to manufacturers in free zones, as well as agriculture and renewable energy sectors. The program seeks to stimulate private-sector participation, bolster domestic manufacturing capabilities, and fortify Egypt’s export competitiveness.
Under this new program, eligible sectors will benefit from financing options at an attractive interest rate of 15%, with a significant allocation kept for both working capital and capital expenditures essential for production expansion.
