Cairo – Mubasher: Egypt’s foreign trade and industry sectors have expanded significantly since President Abdel Fattah El-Sisi took office in 2014 driven by unprecedented governmental support.
Trade and industry are key sectors as they have significant impact on the gross domestic product (GDP) growth, job creation, and foreign investments, according to a report by the Ministry of Trade and Industry, cited by the Middle East News Agency (MENA).
During the last seven years, the ministry injected public investments into infrastructure and new industrial complexes, along with streamlining procedures with the new industrial licensing law.
The ministry also launched an electronic portal for the country’s investment map to reserve industrial land plots in 18 industrial zones.
During fiscal year (FY) 2019/2020, the Egyptian industrial sector grew by 6.3%, while public investments in the manufacturing sector witnessed a seven-fold growth to EGP 49 billion in FY19/20 from EGP 6.1 billion in FY13/14.
Egypt’s commodity exports increased to $25.2 billion in 2020, compared to $18.6 billion in 2015, while imports declined to $63.5 billion last year from $77 billion in 2014.
The balance of trade deficit narrowed to $38.2 billion in 2019 from $54 billion in 2014.
