Egyptian Finance Minister Mohamed Maait announced on Friday that the government is preparing for a package of incentives for new and green industries, which target exports and reduce imports.
Maait said, during his participation in the meetings of the British Egyptian Business Association (BEBA) trade mission in London, that agricultural and industrial investment are at the top of the presidential priorities to achieve food security for Egypt.
Agricultural and industrial investment are at the top of the presidential priorities to achieve food security for Egypt, he said.
The government aims to proceed with the implementation of the strategy of increasing domestic production of strategic crops, he said, reducing dependence on imports, stimulating Egyptian exports, and enhancing the competitiveness of agricultural crops in European markets.
He added that Egypt also seeks to transform the exceptional plight of the global economy into promising investment and development opportunities for progress and development by working to lay the foundations for self-sufficiency, maximizing Egypt’s productive capabilities and expanding the export base.
Maait noted the challenges of the current global crisis, including the disruption of supply chains, the high prices of goods and services and shipping costs, in addition to an unprecedentedly sharp inflationary wave.
The Minister of Finance added that the International Monetary Fund believes that the Egyptian economy is capable of recovering from the repercussions of the current global crisis.
He said that the joint discussions with IMF on the new loan program are proceeding well, and are expected to continue for a period of three years without including any new burdens on citizens.
Maait pointed out that the program aims to complete structural reforms and enhance social protection.
He explained, in a statement that “We will continue to support the private sector in order to raise its contribution to more than 50 percent of Egypt’s GDP within three years from now, while working to stimulate it to implement environmentally friendly development projects.”