Egypt working on clear plan to increase exports, deepen industry: PM

Egypt working on clear plan to increase exports, deepen industry: PM

Prime Minister Mostafa Madbouly said that the state is proceeding with a clear plan to increase exports and deepen industry and local products, in addition to the unprecedented revenues achieved by the Suez Canal, and Egyptian expatriates’ remittances.

In a press conference held on Tuesday, Madbouly highlighted that work is being done to support tourism despite the challenges the world faces in this sector to increase hard currency resources and reduce the import bill.

Madbouly noted that the whole world is currently suffering from several shortages, however, the Egyptian state is taking many measures to adapt to the situation.

He also pointed out that the state is taking many measures to relieve pressure on resources that demand hard currency, elaborating that President Abdel Fattah Al-Sisi directed the launch of an unprecedented social package that will be launching in September. The package aims to reduce burdens and pressure on the Egyptian citizen.

“The import bill has doubled as a result of global circumstances, consequently, the Egyptian state accelerated the operation of the Zohr gas field to save hard currency,” Madbouly said.

“There is a challenge to rationalise energy consumption in the whole world, and the main challenge that Egypt is facing is maintaining hard currency and