Egypt achieves record primary budget surplus of EGP 629bn despite sharp fall in Suez Canal revenues    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Resumption of production at El Nasr marks strategic step towards localising automotive industry: El-Shimy    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    United Bank achieves EGP 1.51bn net profit in H1 2025, up 26.9% year-on-year    After Putin summit, Trump says peace deal is best way to end Ukraine war    Jordan condemns Israeli PM remarks on 'Greater Israel'    Egypt's Supreme Energy Council reviews power supply plans for 14 industrial projects    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egyptian pound closes high vs. USD on Tuesday – CBE    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



$18bn decrease in trade deficit within 18 months, intention to reduce by 50% by 2020
Industry Ministry aims at increasing the contribution of industrial production to GDP between 17.7% to 21%, says minister
Published in Daily News Egypt on 09 - 08 - 2017

Ministry of Trade and Industry has managed to reduce the trade deficit by $18bn within 18 months, according to Minister of Industry and Trade Tarek Kabil.
Kabil said that the ministry aims to decrease the deficit by 50% by 2020.
Kabil added that 1,247 new factories were opened and 1,407 approvals were granted for new investment expansions, and 3,536 new projects were approved.
Kabil noted that his ministry is taking a steady and balanced step to implement the strategy of boosting industrial development and foreign trade, the "2020 Strategy", which is in line with the Egyptian government's strategy for achieving sustainable development by 2030.
This came during his meeting with Moody's delegation in Egypt to review Egypt's economic situation and the impact of the economic reforms currently being implemented by the Egyptian government on the global rating of the Egyptian economy.
The minister pointed out that the ministry is linked to a huge network of free trade agreements with a large number of major economic blocs in the world, which contributes to facilitating the entry of Egyptian exports to global markets. Furthermore, a direct shipping line was launched between Egypt and Kenya to enhance the terms of trade between Egypt and the African countries.
The ministry's strategy is based on five main axes: industrial development, export development, small and medium enterprise development, technical and vocational education and training, and government standards and institutional development.
"The strategy aims at creating a business climate that will attract more investment in the country, making industrial sectors to become the growth engine of the Egyptian economy, increasing the rate of industrial growth to 8% annually, and raising the rate of growth of exports to 10% annually," the minister added. "In addition to that, the ministry aims at increasing the proportion of the contribution of industrial production to GDP to constitute a total of 17.7% to 21%, as well as providing 3 million jobs and increasing the rate of investment in the industrial sector."
Kabil noted that the ministry has offered a package of legislative reforms related to the allocation of land and the identification of one authority for supervision and the issuance of the Industrial Licensing Law, which contributes to facilitating and automating the procedures and reducing the period of licensing from 634 days to less than one month.
The minister added that the ministry has set up a new entity to support small and medium enterprises and activate its funding and training system. He pointed out that funding of EGP 6.9bn has been provided to 344,000 small and micro enterprises that have provided 458,000 jobs since the beginning of 2016.
Furthermore, the government is currently implementing the "EGY-Trade programme – Egyptian Trade Facilitation Network", which aims to facilitate the procedures and trade exchange between Egypt and various trading partners in cooperation between the ministries of trade and industry, finance, and transport.
The new investment law includes a large number of incentives and investment guarantees to attract more foreign investment to the Egyptian market and protect the rights of foreign investors and Egyptians alike, according to the minister.


Clic here to read the story from its source.