Egypt, Jordan launch high-capacity Coral Bridge submarine cable    Egyptian pound shows stability vs. USD in early trade    Egypt's PM heads to Japan for TICAD 9 Africa development summit    National Council for Childhood reviews plan to combat child labour    Egypt's Supreme Organ Transplant Committee strengthens oversight, standards    African agribusiness market expected to reach $1tr by 2030    Price cuts underway across Egypt, says trade federation report    Zelenskyy seeks US security guarantees as Trump says he can 'end war now'    Israelis protest for hostage deal amid growing pressure on Netanyahu    Serbia's Vucic vows 'tough measures' against protesters after unrest    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt delivers over 30 million health services through public hospitals in H1 2025    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    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    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 warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    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.



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.