Sherine El Shorbagy, chairperson of the Export Development Authority (EDA), stressed the authority and all Egyptian institutions’ keenness to develop the Egyptian export sector, especially in terms of small- and medium-sized enterprises (SMEs).
She noted that the government is working through a three-point plan to develop the sector, including through the improvement of Egyptian port infrastructure. The plan also seeks to develop policies and procedures that ensure the best marketing and promotion of Egyptian products internationally. It further provides training and expands Egyptian exporters’ base through the rehabilitation of SMEs to export according to international standards.
El Shorbagy’s remarks came during the symposium held by the EDA in cooperation with the United Bank to maximise the role of Egyptian exports, as part of the procedures carried out by the authority in preparation for Dubai Expo 2020.
Ashraf El Kady, chairperson of the United Bank, said that exports top the Egyptian state’s economic targets. It shows that there is a clear strategy for the state agencies, institutions, and civil society organisations to develop Egyptian exports and maximise their role in the national economy.
He pointed out that the economic indicators confirm that there are huge opportunities to improve the Egyptian economy and increase the volume of exports. He stressed that export and investment are the bases of the economic reform process in Egypt.
El Kady added that the noticeable improvement of the Egyptian economic indicators contributed to the rise of Egypt’s credit rating, and thus the increase of international institutions’ confidence in the Egyptian economy. This is also reflected in the upgrade of Egyptian products’ acceptance and competitiveness worldwide, provided that Egypt will improve their quality and settle the difficulties that limit their spread.
The improvement of the Egyptian economic indicators can also reduce the cost of Egyptian imports, through paying low insurance on the risks of the Egyptian market.
El Kady praised the state and civil society’s efforts at all levels, especially in the field of trade relations with partners and opening new markets for Egyptian exports.
“Egypt’s exports should be directed to the east and south,” he said, noting that the global economies now target China, India, and Russia as well as African countries that are poised for economic rise in the coming period.
El Kady said that these countries have great potential due to their population, trade volume, and economic growth. Therefore, forging strong trade ties with such areas is essential for the development of Egyptian export and investment, he added.