Egypt's Exports Rise by 16% Year-on-year

Mostafa Madbouly said that Egyptian exports increased by 16%, year-on-year, and the government aims to increase it to reach 20% through several incentives to achieve this boom.

In a press conference today, Madbouly referred to the steps that the state has succeeded in achieving, including the public offering program.

He said they that the government is very careful not to talk about the offering program until the deals were actually executed; as stakes of these companies are already on the stock exchange.

Madbouly said that the Egyptian state aims, during the next three years, to increase commodity exports by 20%, tourism revenues by 20%, and remittances from Egyptians abroad to increase by 10% annually.

He pointed out that the state is working to increase the proceeds of revenues in dollar, and 'we have achieved contracts with the private sector within the offering program with $1.9 billion dollar, of which dollar proceeds will enter the state at a value of $1.650 billion, and the rest was obtained in Egyptian pounds.

He pointed out that a unified electronic platform will be launched to operate and liquidate companies, so that dealings will be done electronically.

He explained that Egyptian exports increased annually by 16% over the past years, explaining that 8 decisions out of the total 22 decisions of the Supreme Investment Council have been implemented.

He explained that the Egyptian state succeeded in a short period of time in many achievements, explaining that the state's goal at this stage is to support the efforts of the private sector to assume leadership and increase the state's foreign exchange earnings.