Medical Exports Council aims for annual 30% growth to support Egypt's export plans

CAIRO – 15 July 2023: Egypt's Medical and Pharmaceutical Exports Council, led by Dr. Magid George, has declared a 14 percent growth in sector exports in the first half of 2023, to $530 million, up from $467 million in the same period last year. Dr. George stated that the Council's goal is to achieve a 30 percent yearly rise in exports by following a well-defined and clear plan, in order to assist Egypt's state objectives for export growth and reach a $100 billion target.

Dr. George applauded the Cabinet's recent announcement to create a vision for expanding Egyptian commodities exports by at least 20 percent annually in order to sustain foreign currency resources.

He affirmed that the Medical and Pharmaceutical Exports Council focuses on achieving annual targets for export growth of no less than 30 percent, aligning with the government's direction towards export development and contributing to solving the currency shortage crisis.

The Chairman of the Medical and Pharmaceutical Exports Council emphasized that the sector's exports have witnessed significant development over the past three years, with a remarkable increase of 200 percent compared to pre-COVID-19 exports in 2019. He pointed out that the growing demand for sector products during the COVID-19 pandemic has played a clear role in boosting external exports.

Regarding export targets for 2024, the Chairman of the Medical Exports Council revealed that the Council aims to increase sector exports by no less than 30 percent. He affirmed that the positive results achieved in 2020, 2021, 2022, and the first half of 2023 demonstrate the export capabilities to achieve the 30 percent growth target despite various economic circumstances and challenges.

The consistent growth in Egypt's medical and pharmaceutical exports showcases the sector's resilience and contribution to the country's economy.

The government's focus on enhancing export capacities and supporting foreign currency resources aligns with its long-term vision for economic development.

The upward trajectory of the sector's exports in recent years, including a significant increase during the pandemic, reflects the competitiveness and quality of Egyptian medical and pharmaceutical products.

These positive trends are vital for strengthening Egypt's position as a global player in the industry and attracting further investments, ultimately driving economic growth and job creation.