30 October 2022: Sherif al-Sayad, head of the Export Council for Engineering Industries, forewarned in a television interview on Saturday that Egypt will have to weaken its currency every 4-5 years if the country’s $40 billion trade deficit persists.
The businessman revealed that Egypt exports $40 billion annually, including petroleum exports, while importing $75–80 billion annually.
Member of “Start” initiative Aya Hossam El Din stated in a TV interview Saturday that the number of industrial projects launched within the initiative is 64, and that they are concentrated in the sectors of home appliance, water treatment, and petrochemicals among others.
Hossam El Din emphasised that it is anticipated that the programme will save $16 billion by replacing goods that were previously imported.
She stated that a lab has been set up to evaluate the products’ quality and make sure they adhere to international standards.
The initiative’s principal benefits include a five-year tax exemption and the provision of lands for investors under a leasing structure.
In a related context, Kamal el Desouky, a board member of the Federation of Egyptian Industries (FEI), asserted the significance of President Abdel Fattah El Sisi’s choice to offer manufacturers the “golden licence.”
In comments to DMC TV on Saturday, he noted that the industrial sector is Egypt’s development’s locomotive and that focusing more on industry will accelerate progress.
He added that in order to facilitate measures for investors, the state must build the industrial licences system as quickly as possible.
Prior to this, President Sisi had ordered that all investors receive three months of the “golden licence.”
The first international forum and exhibition for industry, which will take place at the Al Manara International Conference Center in New Cairo for three days, was inaugurated when Sisi issued his instructions.
A senior in the Egyptian business community warns of the long-term harm that a trade imbalance will do to the value of the pound.
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