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New export support programme aims to double Egyptian exports: Kabil - Daily News Egypt

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New export support programme aims to double Egyptian exports: Kabil

59% of companies benefiting from the programme are small companies with less than $1m in exports


 

 

The Ministry of Trade and Industry’s new export support programme aims to double exports to various foreign markets, said minister Tarek Kabil. The programme was recently approved by the board of directors of the Export Development Fund.

Kabil pointed out that the ministry had recently set up a comprehensive assessment of the programme since the start of the response burden for exports in 2002, and until the end of fiscal year 2015/2016.

 

Non-oil exports increased from $3.4bn in 2002/2003 to $18.4bn in 2014/2015. The number of exports benefiting from assistance rose from $1.3bn in 2002/2003 to $7.2bn in 2015/2016. Additionally, the number of benefiting companies went up from 1,074 to 1,973 during the same period.

The evaluation indicates a close link between the budget allocated to the programme and increased export rates. The fund balance was EGP 500m in 2002/2003, and reached EGP 2.6bn in 2015/2016.

Moreover, 59% of companies benefiting from the programme are small companies with less than $1m of exports, of which 91% of companies are based in the Delta region, while only 5% are based in Upper Egypt.

Kabil added that the objectives of the new programme highlight the importance of achieving a substantial leap in exports as the main engine of growth and foreign exchange, as well as restoring the trust of investors in the Egyptian government’s policies.

 

The programme also supports small exporters enhance their abilities, which will contribute to the transition from the traditional consumer industries export support to the support of capital goods. This is the backbone of economic development in any country.

 

The sectors benefiting from the programme include textiles, agriculture, food, engineering, leather, marble, granite, medical, chemical, and furniture, in addition to freight through the EgyptAir company.

 

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