Industry & Trade
Egypt plans boosting exports to $40bn in 5 years
Published 2016-05-26 15:26:13| Hisham Ibrahim, Sanaa Allam
Exporters division at Federation of Egyptian Chambers of Commerce (FEDCOC) plans boosting Egyptian exports to US$40 billion during the coming five years, Head of the division Sherif El Gabaly said Thursday. The official made these remarks during Export Plus conference held Thursday in which he said that exporting is the main factor behind the success of many growing states' economies notably China, Korea, Brazil, and other states. He added that exporting sector represents a key reason for Egyptian economy's growth besides having direct and indirect benefits such as increasing state's resources of hard currency, boosting operation and capacity, in addition to improving the quality of the Egyptian product. El Gabaly noted that an Egyptian-Lebanese company has been established to enhance Egyptian exports to Africa as well as conducting a study for trade ministry to establish logistics centres in a lot of African states to increase Egyptian products' presence there.
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Chinese electronics manufacturer, OPPO Electronics Corp is planning to increase the number of its employees in Egypt to 2,500 by the end of 2016. These remarks were made during a meeting between Egyptian Minister of Communications Yasser El-Kady, who is visiting China, and Oppo’s officials at the company’s headquarters in Shenzen City. During his visit, El-Kady has met with the company’s chairman who asserted that Egypt is one of the most important markets in the Middle East region. The Chinese official further said that Oppo heavily invested in Egypt through a huge network of distributors throughout the country. In addition, the company employs more than 1,500 Egyptians, a number that is expected to increase to 2,500 by the end of 2016. Moreover, El-Kady also discussed the possibility of establishing an OPPO factory in Egypt that would be the third for the company outside China after two factories in Indonesia and China not to mention its main factory in Shenzen city.
A delegation of most effective Lebanese businessmen in Africa is set to visit Egypt by the end of May, Egyptian trade and Industry Minister Tarek Qabil stated Saturday. The visit will be on the sidelines of the Egyptian-Lebanese Cooperation Forum, in which the mission will explore Egyptian industry through visiting a number of industrial zones in Egypt. Qabil has discussed the set-to-be visit during his meeting with Speaker of the Parliament of Lebanon Nabih Berri in the attendance of Egyptian International Cooperation Minister Sahar Nasr. During the meeting, Qabil and Berri discussed means of economic cooperation with Egypt and Lebanon.
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