Cars manufacture - File photo/Pixpay
CAIRO - 30 March 2018: Egypt’s exports of engineering industries are expected to surge to $3.2 billion by the end of this year, up from $2.6 billion in 2017, chairman of the Engineering Export Council of Egypt Eng. Amr Abu Freikha said Thursday.
In 2016, the sector’s exports recorded about $2.4 billion.
“Egypt is ranking the 70th among countries exporting engeneering industries, but we are looking forward to step forward to be the 40th in the coming period with implementing a strategy to increase our exports to $30 billion in less than 10 years,” Abou Freikha told Egypt Today in an interview Thursday.
Chairman of the Engineering Export Council of Egypt Eng. Amr Abu Freikha
He added that the strategy will focus on three pillars to promote the companies, market and the products, while improving the business environment at the same time.
Since the second half of 2017, the curve of exports has been on the rise and it is predicted to continue its upward move with February exports jumping 29 percent compared to the same month last year, boosted by the balance of the market after the liberalization of the exchange rate.
"For this we predict that the engineering industries’ exports will see a big leap in the coming period," he said.
While the council consists of 250 member companies, we have noticed that 90 percent of the sector’s exports are coming from only 15 companies. This led us to launch “Work for Export” initiative to get more exports and qualify the companies and their products for the exporting activity.
“We are looking forward to add 200 new companies to the export map in 2018,” he concluded.