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Daily News Egypt
29-07-2025
- Business
- Daily News Egypt
Egypt launches initiative with traders, manufacturers to reduce prices of essential goods
Prime Minister Mostafa Madbouly chaired a critical meeting on Tuesday at the government headquarters in New Alamein to discuss strategies for reducing the prices of essential goods. The meeting brought together key stakeholders, including traders, manufacturers, and the Federation of Egyptian Chambers of Commerce, to outline concrete actions aimed at easing the financial burden on citizens. At the beginning of the session, Prime Minister Madbouly reaffirmed the government's commitment to ensuring the availability of essential commodities and production inputs for factories. He acknowledged that Egypt has successfully navigated through recent economic challenges, with the banking sector playing a key role in securing the necessary foreign currency requirements. However, Madbouly stressed that while the economic outlook is improving, these positive trends have yet to be reflected in commodity prices. He highlighted the recent decline in the dollar exchange rate against the Egyptian pound and called on the President of the Federation of Chambers of Commerce to convene local chamber heads and reach a consensus on significant price reductions across various goods. 'The economic crisis we faced has been overcome, and all indicators of the Egyptian economy are positive, but prices remain high,' Madbouly said. 'We need to ensure that, just as prices rose during challenging times, they now fall as the situation improves.' During the meeting, Ahmed El-Wakil, President of the Federation of Egyptian Chambers of Commerce, provided a briefing on the availability of goods and the price trends observed in recent months. He noted that despite challenges in the global market, local chambers are committed to cooperating with the government to achieve sustainable price reductions. Ayman El-Ashry, Chairperson of the Cairo Chamber of Commerce, discussed the issue of steel prices, announcing that the sector is ready to reduce prices to the lowest possible profit margins, with new prices for steel expected next week. Similarly, Osama El-Shahed, Chairperson of the Giza Chamber of Commerce, presented data showing a drop in the prices of key commodities like sugar, rice, and flour between January 2025 and June 2025, emphasizing that any price stability amidst rising fuel costs represents positive progress. El-Shahed also called for greater support for the industrial sector, particularly through facilitation measures that would help lower the final cost of products for consumers. Other business leaders joined the call for collaborative action. Gamal El-Garhy, Chairperson of the Chamber of Metallurgical Industries, pledged full participation in the price-reduction initiative. Mohamed Khattab, Vice Chairperson of the Chamber of Building Materials, echoed this commitment, stating that all stakeholders share the common goal of ensuring affordable prices for citizens. Ashraf El-Gazairly, Chairperson of the Chamber of Food Industries, affirmed that his members are ready to align with government targets aimed at reducing prices. Alaa Ezz, Secretary-General of the Federation of Chambers of Commerce, announced the expansion of seasonal sales (clearance offers) to cover a wider range of products beyond clothing, including food and household items. Ezz emphasized that retail chains will play a crucial role in achieving sustainable price reductions. In addition to the price reduction initiative, Prime Minister Madbouly also led a separate meeting to review the 2025–2030 National Strategy for Handicrafts. The strategy aims to revive traditional crafts, bolster Egypt's presence in international markets, and create new jobs within the sector. Madbouly highlighted the importance of a unified national approach to ensure the sector's sustainability, with the Ministry of Social Solidarity and the MSMEDA taking the lead in coordinating efforts. Cabinet spokesperson Mohamed El-Homsany explained that the strategy outlines a roadmap for Egypt to become a global hub for handmade crafts. The strategy focuses on developing competitive value chains, expanding craft exports to $600 million by 2030, creating 120,000 new jobs, and increasing the formalization of businesses in the sector. The government also plans to develop 15 natural craft clusters across Egypt. This long-term strategy is designed to strengthen the economic and social contributions of Egypt's handicrafts industry while fostering sustainable growth and reducing production costs.
Express Tribune
14-03-2025
- Business
- Express Tribune
Torkham border stalemate continues
A jirga from Afghanistan that was supposed to hold a meeting with its Pakistani counterpart for reopening of the Torkham border crossing on Thursday returned to Kabul without the meeting, citing concern about inclusion of new members in the Pakistani jirga. Tensions escalated at the Torkham border crossing between Pakistan and Afghanistan in the last week of February after the Afghan security forces started making some new constructions close to the border. Last week both countries formed jirgas to resolve the conflict. Representatives from both sides held their first meeting at the Torkham border a few days ago and agreed to a ceasefire and discussions on the issue of disputed constructions. As per the jirga's decision, both countries implemented a ceasefire, which remains in effect to date. In line with the agreement, the Afghan jirga met with Afghan officials in Kabul on Wednesday to convey the Pakistani's concerns about new constructions. After receiving instructions from Kabul, the Afghan jirga arrived at Torkham at 1pm on Thursday for negotiations. However, after waiting for two hours, it returned without engaging in talks. The head of the Afghan jirga and Afghan Chamber of Commerce Chairman Yunus Mohmand said the Afghan delegation was scheduled to hold a decisive and final negotiation session with the Pakistani jirga. "The Afghan jirga arrived ahead of time, but was taken aback when the Pakistani side unilaterally increased its delegation from 17 members to 70 without prior consultation." According to Mohmand, the Afghan delegation found this unexpected and concerning, as the new list, according to him, included "irrelevant individuals with no connection to Pak-Afghan tensions or bilateral trade". Syed Jawad Hussain Kazmi, head of the Pakistani jirga and advisor to the Federation of Chambers of Commerce, confirmed the development. He said the Afghan delegation objected to inclusion of 53 more members to the Pakistani delegation, which originally comprised 17 members. Kazmi said this was a serious bilateral dispute affecting peace and economic stability between two brotherly nations. He reaffirmed Pakistan's commitment to resolving the Torkham border issue through negotiations. He said despite the Afghan jirga's withdrawal, both sides remained in contact. However, by the time further discussions could be arranged, the Afghan delegation had already returned to Kabul, making their return to Torkham on the same day logistically difficult. Kazmi expressed confidence that by tomorrow (Friday), efforts would be made to bring the Afghan jirga back to the negotiating table and resolve the issue peacefully.
