Latest news with #FederationofEgyptianIndustries
Daily News Egypt
3 days ago
- Business
- Daily News Egypt
Plan underway to revitalise Egypt's silver industry amid fierce import competition
The Gold and Precious Metals Division at the Federation of Egyptian Industries (FEI) prepares a comprehensive strategy to revitalise Egypt's struggling silver industry. The plan will propose a series of measures to be submitted to the relevant authorities, as the sector grapples with growing reliance on imported silver products. In a statement issued on Friday, Ehab Wassef, head of the division, said many silver workshops across Egypt face significant obstacles that undermine their competitiveness. Chief among these is a shortage of skilled craftsmen, which he described as the backbone of an industry that depends heavily on manual dexterity and precision. Wassef highlighted another major challenge: intense competition from imported products, particularly those from China, Thailand and Turkey, which are sold at prices below local production costs, placing Egyptian workshops at a disadvantage. He explained that silver manufacturing is more labour-intensive than gold, as producing a single piece of silver requires roughly twice the effort, despite a gram of silver being about 65% the weight of a gram of gold. This makes the availability of skilled technicians critical to sustaining and growing the industry. According to Wassef, there is a determined push to expand domestic production and reduce reliance on imports. However, achieving this would require exempting imported production inputs from customs duties to lower operational costs and create fair competition. He also noted that Egypt currently lacks large-scale factories dedicated to silver production, with the sector largely comprising small and medium-sized workshops. To address this, the division is focusing on launching training programmes to produce new skilled technicians, alongside efforts to secure low-interest loans at a 5% rate. Wassef emphasised that Egypt's silver industry has considerable growth potential but needs tangible government support in the form of financing, easing regulatory burdens and fostering an environment conducive to training and production.
Daily News Egypt
4 days ago
- Business
- Daily News Egypt
Egypt's Foreign Minister opens business forum in Senegal to boost trade
Egyptian Foreign Minister Badr Abdelatty on Friday led a business delegation to Senegal, where he opened a bilateral business forum and a new Egyptian factory, as part of a push to deepen economic ties. Abdelatty participated in the Egypt-Senegal Business Forum in Dakar, alongside Senegalese Minister of Commerce and Industry, Serigne Gueye Diop, and other senior officials and private sector representatives from both countries. The Egyptian delegation included 30 business leaders and representatives from major companies and associations, including the Federation of Egyptian Industries, the Export Council for Medical Industries, and the Egyptian General Petroleum Corporation. The forum provided an opportunity for companies from both countries to discuss partnerships and joint projects in sectors including agriculture, pharmaceuticals, infrastructure, mining, and renewable energy. In his opening remarks, Abdelatty praised the historical relations between the two countries, which are celebrating 65 years of diplomatic ties. He affirmed Egypt's full support for Senegal's five-year development plan and its 2050 national vision, stressing Cairo's readiness to share its expertise and support Senegal's development path. Senegalese officials welcomed the high-level Egyptian delegation, calling the forum the launch of a new phase of economic and investment cooperation. They praised Egypt as a successful model for development and investment in Africa and expressed their readiness to provide all necessary support and facilities to Egyptian businesses looking to invest in the Senegalese market. Separately on Friday, Abdelatty inaugurated an Egyptian 'Siltal Africa' factory for the production of electrical appliances in Dakar, in the presence of Minister Diop. During the opening, Abdelatty said the industrial project was an important step towards enhancing Egyptian economic activity on the African continent and reflected the state's vision of achieving joint development with African nations. The Senegalese minister of commerce and industry praised Egypt's role in supporting projects and investments in Senegal and contributing to the transfer of expertise.
Daily News Egypt
6 days ago
- Business
- Daily News Egypt
Egyptian-Malian Business Forum pushes for economic partnerships with Mali during FM's visit
Egyptian Foreign Minister Badr Abdelatty on Thursday opened the Egyptian-Malian Business Forum in Bamako, a move aimed at boosting economic and trade partnerships, with Abdelatty saying Cairo is keen to invest in Mali's key sectors. The forum was attended by a high-level Malian delegation, including Foreign Minister Abdoulaye Diop and Minister of Industry and Commerce Moussa Al-Hassan Diallo, as well as a large Egyptian business delegation of 30 company heads and representatives. The Egyptian delegation included representatives from the Federation of Egyptian Industries, the Export Council for Medical Industries, the Future of Egypt for Sustainable Development Agency, the Egyptian Exporters Association, the Egyptian General Petroleum Corporation, and the Mineral Resources Authority. In his opening remarks, Abdelatty said the Egyptian-Malian Business Forum represented a 'new and important station' in strengthening economic ties and opened 'unprecedented horizons' for the private sectors in both countries to develop partnerships. He said the event was a key step in institutional cooperation, with work underway to establish an Egyptian-Malian business council. Abdelatty expressed Egypt's serious desire to expand its investments in Mali, especially in priority sectors for the Malian government such as textiles, wood, and pharmaceuticals, in line with Mali's national development plans, including its 'Mali Kura 2063' vision. He highlighted that Egypt possesses extensive experience in implementing strategic projects in infrastructure, agriculture, energy, and communications. For his part, Malian Minister of Industry and Commerce Moussa Al-Hassan Diallo said his government places 'special importance' on cooperation with Egypt and praised its experience in supporting development on the African continent. He said Mali looks forward to benefiting from Egypt's expertise in infrastructure, manufacturing, pharmaceuticals, and energy, adding that the forum 'embodies the joint political will to elevate the level of economic and investment cooperation.' Abdelatty also affirmed Egypt's security partnership with Mali, stressing the importance of a comprehensive approach that links security and development to achieve sustainable peace. The forum is a key event in Abdelatty's multi-nation tour of West Africa, which is aimed at strengthening Egypt's political and economic ties with the region.
Daily News Egypt
6 days ago
- Business
- Daily News Egypt
Egypt's foreign minister opens business forum in Niger, targets new partnerships
Egyptian Foreign Minister Badr Abdelatty on Wednesday opened the first Egyptian-Nigerien Business Forum in Niger capital Niamey, leading a delegation of 30 top Egyptian companies in a push to boost trade and investment, the Egyptian foreign ministry said in a statement. The forum was attended by Abdelatty's Nigerien counterpart, Bakary Yaou Sangaré, and Minister of Trade and Industry, Abdoulaye Sidou. The Egyptian business delegation was led by the head of the African Cooperation Committee at the Federation of Egyptian Industries and included representatives from the country's medical export council, petroleum corporation, and mineral resources authority. Participating Egyptian companies included Elsewedy Electric, Orascom Construction, Arab Contractors, Samcrete, Polyserve for Fertilizers and Chemicals, Al-Marakby Steel, and Ameriya for Spinning and Weaving. The ministry said the forum provided an opportunity to explore joint projects in agriculture, pharmaceuticals, infrastructure, mining, manufacturing, and renewable energy. In his opening remarks, Abdelatty praised the historical ties between the two countries, which he said have seen significant momentum recently. He stressed that these growing relations require parallel efforts in investment, trade, and economic integration. 'The convening of this joint forum… represents a real beginning for a new stage of economic cooperation between the two countries,' Abdelatty said, adding that Egyptian companies have extensive experience and a proven track record in infrastructure, energy, and construction projects across Africa. He called on participants to explore available cooperation opportunities and build sustainable partnerships based on mutual interests. For his part, Niger's Minister of Trade and Industry, Abdoulaye Sidou, expressed his deep appreciation for the participation of the high-level Egyptian delegation. He praised Egypt's advanced industrial and investment capabilities and said the presence of the large delegation sent a strong message of Egypt's keenness to support development in Niger and enhance public-private partnerships. Prior to the forum's opening, Abdelatty held a trilateral meeting with the Nigerien foreign and trade ministers to discuss ways to enhance bilateral relations. The forum is a key event in Abdelatty's multi-nation tour of West Africa, which is aimed at strengthening Egypt's political and economic ties with the region.
See - Sada Elbalad
6 days ago
- Entertainment
- See - Sada Elbalad
Turkish Ambassador Holds Meeting with Cairo Governor and FEI President
Nada Mustafa Turkish Ambassador to Egypt Salih Mutlu Şen announced that a meeting was held at the Federation of Egyptian Industries with Ibrahim Saber, Governor of Cairo, and Mr. Mohamed El Sewedy, President of the Federation. During the meeting, the parties discussed recent initiatives by Polaris Parks International regarding industrial zones, as well as developments in the electric vehicle sector. They also agreed to schedule a separate meeting with the Governor in the near future. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks
