Egypt’s food industry is a significant player in the economy, accounting for 14 percent of the country’s total exports, explained Minister of Investment and Foreign Trade Hassan El Khatib on Monday.
The foreign trade minister shared his insights during the First Conference of Food Industries Exporters, which aims to explore ideas for enhancing export development and is set to cover policies and procedures that could potentially boost the growth rate of Egyptian exports by over 20 percent annually.
The food industry boasts over LE 500 billion worth of investments, El Khatib said, with 7,500 facilities in operation providing upwards of 7 million jobs.
The minister emphasized that boosting exports, particularly of goods, is central to the government’s strategy for achieving sustainable economic growth.
He pointed out that the food industry has seen significant growth over the past five years despite economic challenges, with the sector’s reliance on local ingredients and increasing investments are key facto
rs in its success.
The foreign trade minister highlighted country’s goal to raise Egyptian exports to $140 billion, noting that it would require an increase in production investments by $40-50 billion.
To achieve this, El Khatib called for an investment policy that promotes private sector participation and innovation, and stressed the need for clear policies to encourage exports and improve local production standards to meet global specifications.
The ministry plans to review and streamline solutions to industry burdens to attract more investments and increase production efficiency.
Source: State Information Service Egypt
