Mohamed al-Suwaidy, chairman of the Federation of Egyptian Industries, said on Monday that the decline in oil prices will reduce the cost of raw materials and, consequently, the cost of production, which would drive producers to reconsider their prices for the benefit of the consumers.
“But it could affect Arab investments, which Egypt significantly depends on to achieve positive growth rates,” he warned.
He also advised local producers to reduce their prices in order to protect themselves from an expected influx of imports, as other countries would be looking for new markets for their products to sell.
Edited translation from Al-Masry Al-Youm
