Minister of Trade and Industry Ahmed Samir inaugurated the first edition of the Egypt Power Show, the largest and first buyer mission in the electrical industries sector.
The mission includes 35 international buyers from Libya, Nigeria, Kenya, Tanzania, Rwanda, and Congo. It will focus on bringing in buyers to meet 25 Egyptian companies to hold bilateral meetings and make field visits to various Egyptian factories specialized in the electrical industry sector.
Minister Samir said that the mission focuses heavily on the African market, in cooperation between the Engineering Export Council of Egypt (EEC), Egyptian Commercial Service (ECS), and the United States Agency for International Development (USAID).
He explained that the engineering industry sector is one of the most important productive sectors in the national economy that meets the needs of the local market and exports to foreign markets.
Samir pointed out that the Egyptian market is full of distinct investment opportunities in the engineering industries sector that enjoy the availability of raw materials and qualified labour, as well as large incentive packages the state provides for investors during the current period. In addition to, the large consumer market and free and preferential trade agreements signed with a large number of countries and major economic blocs around the world, which allow free access to Egyptian products to large foreign markets.
The engineering industries sector’s exports amounted to approximately $3.88bn in 2022, and the sector’s exports during the first 5 months of this year amounted to roughly $1.68bn.
Chairperson of the Engineering Export Council of Egypt (EEC), Sherif El-Sayyad said that the electrical industries sector is one of the most promising export sectors, as the sector’s exports during the first 5 months of 2023 increased by 47.5%, to record about $158m, compared to $107m in the same period last year. El-Sayyad elaborated that the sector’s exports increased by 8.3%, to record $317m in 2022, compared to $268m in 2021, and noted that the mission is important for increasing the sector’s exports by no less than 15% next year.
The most important export markets for the electrical industries sector in 2022 were Saudi Arabia, France, Oman, Turkey, the United Kingdom, the UAE, Pakistan, Malta, and Lebanon.
Executive Director of EEC May Helmy stated that the Egypt Power Show mission will focus on bringing in buyers to meet 25 Egyptian companies to hold bilateral meetings and make field visits to various Egyptian factories specialised in the electrical industries sector, with the aim of expanding the business of this sector. Helmy announced the formation of a working group from the EEC to follow up on the preparations for the Egypt Power Show mission, as well as to facilitate the holding of meetings and gatherings on the sidelines of the mission.
The Egypt Power Show mission is a significant opportunity for Egyptian companies to expand their exports to African markets. The mission is expected to generate new business deals and partnerships and to help to boost the growth of the electrical industries sector in Egypt.
