Cairo: Egyptian exports reached a historic $40 billion in 2024, Minister of Investment and Foreign Trade Hassan El-Khatib announced during a meeting with export council leaders. The session focused on discussing the framework for a new export rebate program aimed at enhancing national industries and expanding Egypt’s global market presence.

According to State Information Service Egypt, El-Khatib emphasized that the program’s objectives align with the state’s ambitious plan to boost exports to $145 billion by 2030. To achieve this, he instructed export councils to identify underutilized production capacities across industrial sectors and determine necessary investments to unlock their potential.

The minister reiterated the government’s commitment to affordable financing initiatives for productive sectors, including industrial enterprises, to support these goals. He also noted that the program would build on previous state-led studies while introducing new measures to increase local content in industries and advance technological localization.

Highlighting Egypt’s competitive advantages-such as a skilled workforce, competitive wages, a strategic geographic location, and relatively low energy costs-El-Khatib underscored the importance of collaborative reforms with relevant entities to reduce burdens on investors. The minister also outlined plans to increase Egypt’s presence in African markets by activating programs to mitigate export risks and establishing logistical hubs in key African cities, an initiative currently under review.