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Egypt’s exports jump 24.5% to $25.9 billion in 10 months

Egypt’s exports jump 24.5% to $25.9 billion in 10 months

Egypt’s exports jump 24.5% to $25.9 billion in 10 months

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CAIRO: Egypt’s exports saw an increase of 24.5 per cent in the ten months to October 2021 as a result of new measures put in place to stimulate export trade, Arab News reported.

Egyptian Minister of Trade and Industry, Nevin Gamea, said that the measures helped Egyptian exports rise during the first ten months of 2021, reaching a value of $25.9 billion, compared to the same period in 2020.

In addition, the increase in the contribution of industrial production to gross domestic product hit 17 per cent during the fiscal year 2019/2020, compared to about 16 per cent during the fiscal year 2018/19.

The minister noted that there are a number of measures set to be implemented to help maintain Egyptian export growth in light of the impact of the coronavirus pandemic on the global economy.

The minister indicated that the Small, Medium and Micro Enterprises Law was issued and its executive regulations approved, which includes many unprecedented incentives and benefits for these types of projects, which accounts for more than 70 per cent of the Egyptian economy.

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Several other laws were issued by the ministry, including the Industrial Land Allocation Law, the Industrial Licences Law and its implementing regulations, which would simplify the procedures for obtaining licenses for new industrial projects for nearly 80 per cent of industries, which are among the most important challenges facing the private sector. In addition it also amended the executive regulations of the law on the importers register.

Gamea indicated that the Supreme Council for Export was reconstituted and the framework of plans and policies to maximize exports and activate the role of the Export Development Fund, where the overdue export dues were paid, reaching about EGP 30 billion.

This was in addition to approving the program for the new project for export support, starting from the first of July, as well as developing a network of trade partnerships with foreign markets by activating relations with trading partners and benefiting from regional integration and preferential trade agreements.

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