Cairo: Egypt’s exports of chemicals and fertilizers are expected to hit $6 billion by the end of the year, with an anticipated growth exceeding 23 percent, according to Chairman of Chemicals & Fertilizers Export Council Khaled Abul Makarem.
Abul Makarem emphasized the importance of pumping more investments during the upcoming period in order to add new production lines and increase the productive capacity to meet domestic and foreign demands.
“Most of the factories are currently operating their full capacities,” he added.
The chairman of the council said that the closest and perfect solution to increase production is to push internal investment through the provision of some incentives and advantages, noting that we are now in an important transition stage in which incentives are needed for rapid internal industrial growth.
Furthermore, he revealed arranging a visit of a delegation of plastic manufacturers to China to participate in the exhibition "Shinabik" from October 11 to 14, hold a series of meetings with the world's largest suppliers of marketing products and embark on field visits to a number of factories to contract the purchase of equipment and machines.
He added that a promotional mission is being arranged before the end of this year for a number of African countries, pointing out that the Committee of Exhibitions and Promotional Missions in the council arranged for this visit.
Egypt’s chemical exports dropped 9 percent to $376 million in May 2018, compared to $415 million in the same month of 2017.
Abul Makarem said earlier that the council aims at increasing its exports during 2018 by 20 -25 percent to record about $5.5 billion and become the largest export sector in the economic sectors.
“The exports of the first five months of the year marked positive indicators, as they increased 26 percent, recording $2.1 billion from January to May 2018, compared to $1.7 billion during the same period of 2017,” he added.
Abul Makarem noted that the target was to achieve $5.2 billion, pointing out that the targeted increase may exceed $5.5 billion by the end of the year.
Source: Egypt Today
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