Egypt Independent

New Trade Ministry strategy to double exports

The Trade Ministry devised a new strategy to increase Egyptian exports to LE580 billion in the next four years.

Trade Minister Rachid Mohamed Rachid said the plan includes some LE70 billion in industrial investments. "For the strategy to work, we need more industrial development projects for Upper Egypt, and we need to expand infrastructure to industrial zones and allocate at least 50,000 acres for agriculture-related industries," he explained.

The new policy will allow imports of factory machines and equipment in an effort to help boost exports. It will also provide 20-year loans to investors at discounted interest rates.

The plan will also expand capacities and improve logistical services at Egyptian ports, making them more attractive for large-scale shipping.

Rachid said he hopes his strategy will encourage multinational companies to invest in the automobile industry, electronics, shipyards, textiles, and renewable energy.

Translated from the Arabic Edition