Exporters are anticipating a growth in the value of Egyptian exports over the upcoming period, especially after the devaluation of the Egyptian pound by more than 100%, which gave Egyptian products a competitive price advantage in international markets. According to Minister of Industry and Trade Tarek Kabil, the ministry is preparing a strategy that aims to double Egyptian exports to $30-34bn by 2020, compared to only $18.5bn in 2016. “Doubling exports must be a national goal for the Egyptian regime during the upcoming period,” he added. Alaa Ezz, secretary general of the Federation of the Chambers of Commerce, revealed that Egyptian exports grew by 20% since the pound’s flotation, noting that imports will decline as a result of the decision. “Increasing exports needs more promotion in order to take advantage of the liberalisation of the exchange rate, as well as funding programmes to support exports urgently,” he said.

Source: Daily News Egypt January 21, 2017 14:40 UTC