Cairo: Minister of Investment and Foreign Trade Mohamed Farid emphasized enhancing the external market access of Egyptian contracting companies as a key priority to support the national economy by creating jobs and increasing foreign currency inflows. This announcement was made during a comprehensive meeting with the Export Council for Construction and Building Materials, attended by representatives of contracting and insurance companies, aimed at coordinating efforts and aligning roles among stakeholders to help Egyptian firms access new regional and international markets.

According to State Information Service Egypt, Farid noted that the government places high importance on promoting the overseas expansion of the contracting sector, given its pivotal role in transferring expertise and strengthening Egypt’s position as a regional hub for engineering and construction services. He also mentioned that the ministry plans to engage international institutions, such as the African Export-Import Bank (Afreximbank)
and Italy’s export credit agency (SACE), to provide advanced financing and insurance tools that facilitate the implementation of projects abroad.

The meeting addressed key challenges facing companies, which include limited readiness for international operations, insufficient adoption of modern technologies, and registration and classification requirements in some markets, as well as compliance with occupational health and safety standards. Participants agreed on mechanisms to monitor and follow up on investment opportunities, provide specialized training programs, and upgrade operational systems and software to enhance efficiency and productivity.

Furthermore, Farid stressed the importance of continued cooperation between contracting and insurance companies to develop suitable insurance instruments that mitigate risks and encourage firms to confidently enter new markets. This initiative aligns with the state’s strategy to promote export-led, sustainable economic growth.