Egypt After 2025: Navigating a Critical Inflection Point    Spot Gold, futures slips on Thursday, July 17th    Egypt's EHA, Huawei discuss enhanced digital health    Egypt expresses condolences to Iraq over fire tragedy    Egypt, Oman discuss environmental cooperation    Egypt's Environment Minister attends AMCEN conference in Nairobi    At London 'Egypt Day', Finance Minister outlines pro-investment policies    Sukari Gold Mine showcases successful public–private partnership: Minister of Petroleum    Egypt's FRA chief vows to reform business environment to boost investor confidence    Egyptian, Belarusian officials discuss drug registration, market access    Syria says it will defend its territory after Israeli strikes in Suwayda    Pakistan names Qatari royal as brand ambassador after 'Killer Mountain' climb    Health Ministry denies claims of meningitis-related deaths among siblings    Sri Lanka's expat remittances up in June '25    EU–US trade talks enter 'decisive phase', German politician says    Egypt's Health Min. discusses drug localisation with Sandoz    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    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    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    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    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    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.



Will ‘Buy Egyptian' save the economy?
Published in The Egyptian Gazette on 23 - 12 - 2011

CAIRO - Omnia Farouq, a 19-year-old university student, recently switched from European to Egyptian chocolate.
In a practical bid to push forward Egypt's economy – which has suffered throughout the year as a result of the political upheaval – a ‘Buy Egyptian' campaign was launched a few days ago by media tycoon Amr Adeeb, who has called on all Egyptians to buy locally made foodstuffs and commodities.
The campaign has also been promoted on the social networking website Facebook, which has been urging people of every class to take part, to save Egypt's economy from collapsing.
Despite the slump in this country's economy, most Egyptians flock to shops, hypermarkets and shopping centres to buy affordable, high-quality goods, rather than local brands.
"What matters to me is the quality of the product," said Mona Hashim, a 28-year-old teacher, while buying a blouse made in Europe at a shopping centre in Maadi.
Heba Radi, another customer, agreed, telling The Egyptian Gazette that she only buys made-in-Egypt products, if they are affordable and of a similar quality to foreign products.
“Many Egyptians, tempted by foreign products because they think the quality is much better, often overlook the 'Made in Egypt' labels.
“What I most care about is buying healthy food for my children. Egyptian processed meat is unhygienic, so I buy the imported variety,” said Manal Hassan, a housewife.
Some economic experts think that this initiative cannot make a difference unless there is an improvement in the quality of or the safety specifications for Egyptian products.
"This campaign is not enough on its own," Shehab Ezz Eddin, a professor of economics at Cairo University, told this newspaper.
"It should have been preceded by a campaign for improving the quality of locally made products, to encourage more people to purchase them.
"The local industry is struggling, because of the European products that tempt the rich and the Chinese ones that tempt the lower and even middle classes in this country.
"We cannot push people to buy locally manufactured products without improving their quality and – most importantly – selling them at affordable prices," Ezz Eddin added.
Ahmad Adam, an economics expert, agrees. He stresses that local industry needs to challenge a diverse, competitive market and an economic slowdown.
"The revolution has stopped new foreign investment and undermined the pivotal tourism sector. Annual growth has slowed to less than 2 per cent from 5 per cent, and Egypt's foreign reserves have fallen to about $20 billion," he explains.
"Our suffering economy won't recover unless we enhance local industry, which, in turn, will boost exports and encourage consumers to buy Egyptian foodstuffs and commodities."
Egypt's annual exports barely reach LE25 billion, while imports have leapt to LE50 billion.
As Egypt struggles to rein in its budget deficit, manufacturers, workers and consumers must all co-operate to boost local industry and strengthen the economy.
"I'm willing to buy everything I need – clothes, food and drinks – if it's made in Egypt, providing these products are safe and of a good quality," says Islam Osama, a 24-year-old pharmacist.


Clic here to read the story from its source.