( 4 minutes read)
· Egypt’s chemical industries’ annual exports touched US$5.6bn, contributing a 25% of the country’s total exports
· The sector’s annual production was valued at US$60 billion
· Chemical industry’s raw materials imports have come down by 32% during the first four months of 2020
Egypt’s chemical industries’ annual exports touched US$5.6billion, contributing a 25% of the country’s total exports, as revealed by Khaled Abu Al-Makarem, Chairperson of the Chemical and Fertilizers Export Council. The sector’s annual production was valued at US$60bn.
Abu Al-Makarem said that the chemical industry has the potential to attract more investment and accelerate the exports from the country. Minister of Trade and Industry Nevine Gamea also participated at the meeting.
Chemical industry’s raw materials imports have come down by 32% during the first four months of 2020. This was because more raw materials are being sourced locally to reduce dependence on imports. During the recent days, the prices of raw materials have also peaked. The government is keeping a tap on the prices of raw materials and said that the prices of raw materials sourced domestically should not be more than 5% of global prices. This would enable more people to buy raw materials locally.
The government would soon come out with a new export subsidy program with the expiry of the earlier scheme on 1 July. The new program would focus on increasing export rates and increasing employment opportunities. Also, in the new scheme, subsidy will be allocated towards helping companies market their products through online platforms since local and international exhibitions in 2020 have been cancelled.
