Mostafa Madbouly, Egypt’s Prime Minister, said that his country is aiming to massively increase and enhance its exports, doubling them to $100 billion over the next three years, WAM reported on Sunday.
As part of this plan, Egyptian authorities will also build a strategic stockpile of all major commodities for up to six months to face emergencies, Madbouly said on the sidelines of the signing of a major new economic partnership with the UAE and Jordan.
“Today, we witness, through the launch of Industrial partnership for Sustainable Economic Growth, an important day for the peoples of the three countries, especially this partnership is in light of the unprecedented economic challenges witnessed globally. These challenges reflect the significance of integration and coordination among our countries to secure and provide the main commodities and products our peoples need,” Madbouly said.
“We are working to increase and double exports to bring Egypt’s exports to more than $100 billion over the next two or three years,” he added.
The Prime Minister also explained that the agreement with the UAE and Jordan will help contribute to Egypt’s self-sufficiency, as the country continues to work on maximising its local exports.
Madbouly went on the emphasis the coordination between the UAE and Egypt “at all levels,” starting with coordination between the countries respective leaders.
Named the Industrial Partnership for Sustainable Economic Growth, Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, witnessed its signing on Sunday. The partnership aims at unlocking new industrial opportunities and enhancing sustainable economic growth in the three countries across five sectors – food and agriculture, fertilisers, pharmaceuticals, textiles, minerals and petrochemicals.
The UAE, Egypt and Jordan represent 25 percent of the gross domestic product (GDP) in the Middle East and North Africa (MENA) region, with a value of $765 billion annually.
Between them they constitute about 26 percent of the region’s population (122 million consumers) and are ranked 14th in the world in terms of the value of exports and imports, at $6 billion.
Follow us on
