Egypt targets $30bn of exports by 2020

13 November 2016

Cairo has launched its Industrial Plan 2020

Egypt’s Ministry of Trade and Industry has set itself a target to boost non-oil exports by 10 per cent a year to $30bn by 2020, minister Tarek Qabil announced during a press conference launching the Industrial Plan 2020.

The conference was attended by representatives of the UN Industrial Development Organization (UNIDO), the International Labour Organization (ILO), and German Corporation for International Cooperation (GIZ).

The total volume of Egyptian non-petroleum exports reached about $18.6bn in 2015, said Qabil before explaining that “the ministry plans on implementing a number of programmes to improve procedures and legislations regulating Egypt’s import-export industry”.

The strategy also targets upgrading the competitiveness of Egypt’s exports, improving the specifications and qualities of exports and imports, developing logistic transport projects, activating global agreements as well as a programme aiming at promoting Egyptian exports.

Egypt’s exports were given an additional boost earlier this month when the Central Bank of Egypt (CBE) decided to allow the Egyptian pound to float, which resulted in a 50 per cent devaluation, making Egyptian products more competitive.

Cairo is currently planning to develop a master industrial and logistics zone surrounding the main ports of the Suez Canal. The government recently approved a draft decree establishing General Authority of the Economic Zone of the Suez Canal (GAESC), changing the area into an economic authority and allowing the Suez Canal Economic Zone (SCZone) to act as a single window able to deal with investors directly.

In August this year, GAESC appointed three consultants to value the land of the SCZone.

The three local firms to carry out various studies in order to value the land in the West and East Port Said, Ain Sokhna, Adabia, Al-Arish, and El-Tor areas are Misr Capital, Al-Nour Consulting Group and Global Appraisal Tech (GAT).

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.