Chemicals
Abou El Magd added that another for the manufacturing of chlorine and caustic soda is also under construction in Giza's Abou Rawash industrial zone.
She added that the African market is one of the main destinations for Egyptian exports of chemical industries, and the council has developed an implementation plan to overcome the challenges facing increasing exports, strengthening trade relations and providing information on Africa and the products traded in the market.
The Chemical and Fertilizers Export Council said the sector's exports hit $2.875 billion during the period from January to July 2020, compared to $3.372 billion recorded during the same period in 2019, with a 15% decline.
The fortune of billionaire Nassef Sawiris rose by $1.5 billion to become $7.9 billion over the past few months.
In FY2017/2018, Egypt achieved a 12.7 percent growth in non-oil exports to record $12.7 billion from $15 billion in the previous fiscal year.
Abul Makarem emphasized the importance of pumping more investments in the upcoming period to add new production lines and increase the productive capacity.
The council aims at increasing its exports during 2018 by 20 - 25 percent to record about $5.5 billion.
Egypt’s Trade Deficit declined 15.7 percent year-on-year in the first half of fiscal year 2017/18, dropping from $21.7 billion to $18.3 billion.
Egypt’s chemical exports recorded $3.58 billion from January to the end of October.
Saudi Aramco and petrochemical producer Saudi Basic Industries Corp signed a MoU on Sunday to build a $20 billion complex.
Dutch chemical giant and leading paintmaker AkzoNobel announced Monday that it is in merger talks with leading US rival, Axalta.
Medicaments and pharmacy products’ imports fell 15.2 percent to $159 million in May 2017, compared to $187.6 million in the same month of 2016.
Egypt’s chemical exports increased by 37 percent to $1.7 billion in the first five months of 2017 compared to $1.2 billion year-on-year.
The industrial growth rate hiked 4.7 percent in the first nine months of fiscal year 2016/2017.
