Minister of Trade and Industry Nevine Gamea has announced that Egyptian exports achieved positive indicators in 2021. The total value of Egyptian exports to foreign markets in the first 11 months of this year amounted to $29.87bn, compared to $22.87bn in the same period of 2020, an increase of 27%.
Gamea said that Egyptian exports are expected to exceed $31bn by the end of 2021, which proves the ability of export sectors to deal with the global crisis imposed by COVID-19 outbreak besides challenges that the global economy faces, which in turn affect the Egyptian economy, including high inflation rates and freight rates.
The minister added that President Abdel-Fattah Al-Sisi ordered restructuring of the Supreme Council for Export, to be under the chairmanship of the president of the republic or his deputies, with the membership of the prime minister, the governor of the Central Bank of Egypt, and a number of ministers.
The minister pointed out that Egypt’s presidency of the COMESA grouping comes in line with the great efforts made by the government to strengthen its economic relations with African market, which comes at the top of the target markets for the ministry’s plan to double exports.
She noted that assuming the presidency of the COMESA in 2001 participated in increasing and deepening cooperation with countries of the grouping in many fields, which supports strategic direction of the Egyptian state towards the continent. Moreover, Egypts assumption of this seat will contribute to strengthening its great efforts in achieving economic integration in the continent of Africa and overcoming obstacles that may hinder free trade between the COMESA member states, continuing the Egyptian efforts made with the countries of the African continent to support continental economic integration. Besides, intensifying investment cooperation between investment agents in Africa, and opening channels of communication between state governments and representatives of the private sector to drive the movement of investments within the continent.
With regard to export subsidy and the payment of overdue dues to exporters, Gamea pointed out that this matter has been radically resolved. The arrears was ended by introducing several initiatives, including cash payment initiative, and programmes to support exhibitions, air freight and fruit flies, bringing the total export subsidy disbursed in 2021 to about EGP 6.9bn from which 1,355 companies benefited.
