Food industry accounts for 14% of Egypt's exports: Investment Minister

Updated 9/9/2024 12:08:00 PM

Arab Finance: The food industry accounts for approximately 14% of Egypt's exports, Minister of Investment and Foreign Trade Hassan El Khatib announced.

El Khatib, speaking at the conference attended by Hani Berzi, Chairman of the Export Council for Food Industries, and numerous food industry representatives, emphasized the sector's significance to the national economy.

He highlighted the pivotal role of the food industry sector during the inaugural conference for food industry exporters

The minister noted that the sector, with investments surpassing 500 billion pounds, comprises over 7,500 establishments and creates 7 million jobs.

He described the conference as an excellent opportunity to explore strategies for boosting export growth, which he aims to see exceed 20% annually.

The conference agenda covers key aspects of sustainable export development.

The first session will focus on achieving export targets, while the second will address strengthening the industry as a foundation for export growth.

El Khatib stressed that boosting exports, particularly commodity exports, is crucial for Egypt's economic policy, aimed at achieving sustainable growth.

He pointed out that the food industry has shown remarkable growth over the past five years despite economic challenges and noted the importance of increasing investments to reach the government's target of $140 billion in exports.

Current production capacities only support exports between $40 and $50 billion, necessitating an additional $40-50 billion in investments.

To drive this growth, El Khatib called for a proactive investment policy encouraging private sector involvement and innovation.

He also mentioned plans to streamline industry procedures and reduce burdens, which will be outlined in Egypt’s upcoming investment and trade policy document for the next decade.

This document will aim to restore investor confidence and enhance the role of the private sector in achieving the government’s investment targets.