Egypts engineering exports to hike 20% in 2022

ArabFinance: Egypts engineering exports are expected to grow to 20% during 2022 when compared to 2021, Chairperson of the Engineering Export Council of Egypt (EEC) Sherif El-Sayed said.

El-Sayed added that exports could achieve significant leaps, ranging between 40-50%, if some factors are taken into consideration, most notably the disbursement of exporters subsidy dues in a period ranging from 3 to 6 months.

He further noted that cost reduction of production is one of the most important pillars to boost engineering exports and achieve unprecedented targets as well as removing customs on components and production requirements.

This, in turn, will increase the competitiveness of the final products price in international markets.

Additionally, El-Sayed stressed the need to deepen the local manufacturing of the main components in the production process, pointing out the importance of having incentive packages to attract foreign investors to manufacture strategic and main components that have no local alternative.

El-Sayed elaborated the necessity to intensify work to find Egyptian local accreditation laboratories for the exported goods, which will help exporters to easily obtain conformity certificates and be less dependent on foreign laboratories or those that belong to international companies, which will definitely save time and money.

He also called for the launching of direct shipping lines to African countries with lower prices, as the African market is one of the most promising destinations for Egyptian products, which will help in the quick insertion of Egyptian products into foreign markets and cheaper promotion for them.