Trade deficit shrank to $20B over last two years: Min.



Tue, 27 Feb 2018 - 11:27 GMT


Tue, 27 Feb 2018 - 11:27 GMT

Trade Minister Tarek Kabil during the inauguration ceremony - Archive/Karim Abdel-Aziz

Trade Minister Tarek Kabil during the inauguration ceremony - Archive/Karim Abdel-Aziz

CAIRO – 27 February 2018: Minister of Industry and Foreign Trade Tarek Kabil said that trade deficit shrank by 35 percent over the past two years to stand at $20 billion, down from the worst level of$53 billion in 2015.

The minister added that food industry is one of the most important industrial sectors in the Egyptian economy with total investments recording LE 500 billion and $2.8 billion in 2017.

This came at the inauguration of the first phase of the expansion of Mars Wirgley Egypt's factory in the 6th of October factory, with two new production lines worth LE 750 million.

Speaking at the inauguration ceremony, Kabil said: “Such massive expansions send a message to all international corporate to invest in the Egyptian market, which regained its status as one of the most important investment destinations in the region and the world."

Kabil added that Mars expansion plans are positive results of Egypt's economic reform program, highlighting the government's success in creating an attractive environment for international corporations to inject investments in the local market.

The minister further noted to Egypt's conduction of several trading agreements with different countries and international economic conglomerates like the Arab countries, COMESA, European Union, Turkey and Agadir, providing success to numerous promising markets.

Mars Egypt exports to more than 20 countries, reaching Australia, Africa, MENA and Europe.

Mars is one of the world's leading companies in chocolate production that works in 80 countries; it started its investments in Egypt in 2001.



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