(5 minutes read)
· Ministry of Trade and Industry of Egypt is embarking on an import substitution drive
· The country will not import any product that has a local alternative, in order to support the national industry and reduce the import bill, by relying on the local industry
· Manufacturers should engage in cost cutting to match their products’ price with the ruling international prices
The Ministry of Trade and Industry of Egypt is embarking on an import substitution drive. The cabinet has taken a decision to implement the policy. The country will not import any product that has a local alternative, in order to support the national industry and reduce the import bill, by relying on the local industry.
Minister of Trade and Industry Nevin Gamea underscored that the Covid-19 period is appropriate to deepen local industrialization by removing obstacles being faced by manufacturers. They have to be given a level playing field to compete with foreign suppliers. Manufacturers should engage in cost cutting to match their products’ price with the ruling international prices.
The Minister was addressing a meeting of the Egyptian Businessmen Association recently which discussed the impact of imports on the local industry in the post-coronavirus time. The meeting also discussed strategies for value addition, promotion of exports and deepening the national industry.
Gamea explained that Egypt is currently preparing to establish a number of electronic commerce platforms with the markets with which trade agreements are linked, especially the African market. Intra-continent trade is one of the most promising markets for the Egyptian industry, she said.
Chairman of Industry and Scientific Research Committee at the Egyptian Businessmen Association, Majd El-Din Al-Manzalawy, said that the association is keen to associate with the government for creating strong growth impulses in the post Covid -19 period.
Members of the Association demanded the activation of the role of business councils between Egypt and all countries of the world because of their significant impact in supporting trade and industrial relations between Egypt and the countries of the world.
