Latest news with #InvestmentandForeignTrade
See - Sada Elbalad
3 days ago
- Business
- See - Sada Elbalad
Egypt's Trade Deficit Narrows to Lowest in Six Years as Exports Surge
Taarek Refaat Egypt's non-oil trade deficit fell sharply in the first half of 2025, reaching its lowest level in six years at $14.3 billion, down nearly 18% year-over-year, according to Bloomberg. The improvement was largely driven by a surge in goods exports, which rose by 22% to $24.5 billion between January and June. Imports during the same period also increased, but only marginally, up 3% to $38.8 billion. In the same period last year, the trade deficit stood at $17.4 billion. The biggest contributor to Egypt's export growth was the building materials and metals sector, which accounted for 30% of total goods exports — approximately $7.5 billion. Other major contributors included: Chemicals and fertilizers: $4.5 billion (18%) Food industries: $3.3 billion (13%) Engineering products: $3.1 billion (12%) Agricultural exports: $2.9 billion (12%) Ready-made garments: $1.6 billion (6.5%) The government aims to increase total exports to $145 billion by 2030, with $118 billion coming from industrial exports. UAE Leads as Top Export Destination Five countries accounted for nearly 40% of Egypt's total exports in the first half of 2025: United Arab Emirates – $3.7 billion (up 163% YoY) Turkey – $1.6 billion Saudi Arabia – $1.4 billion (down 14%) United States – $1.43 billion Italy – $1.37 billion The rise in non-oil exports helped offset declining Suez Canal revenues, which have been impacted by disruptions in Red Sea shipping caused by Houthi attacks. In 2024, Egypt's total exports grew 5.4% to $44.8 billion, of which $39.4 billion were non-oil exports, according to the Central Agency for Public Mobilization and Statistics. Despite the positive trend, Minister of Investment and Foreign Trade Hassan El-Khatib acknowledged in January that Egypt's exports still represent only 10% of GDP, one of the lowest ratios globally. The government's target is to raise this figure to 20–30%, while maintaining import levels at around 20% of GDP, a rate El-Khatib called 'moderate.' As part of its new export support framework, Egypt plans to link incentives to annual increases of 5% in local content, maintaining a minimum threshold of 35% local input for eligibility. The government has also nearly doubled its export support budget, allocating EGP 45 billion ($975 million) for fiscal year 2025–2026, compared to EGP 23 billion the previous year. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 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 Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
Egypt Independent
3 days ago
- Business
- Egypt Independent
Egyptian efforts to facilitate trade, boost partnership with Japan
Minister of Investment and Foreign Trade Hassan al-Khatib affirmed that the state is exerting efforts to facilitate trade, streamline business operations, and digitize procedures. Khatib's remarks came during a business breakfast, organized by the Egyptian-Japanese Business Council and the Japanese Chamber of Commerce and Industry, in coordination with the Egyptian Commercial Office in Tokyo, as part of efforts to strengthen the economic partnership between Egypt and Japan. The event was attended by more than 12 senior executives from various industrial sectors representing participating companies and organizations, reflecting the growing momentum in bilateral economic relations and Japan's interest in enhancing its investment presence in Egypt as a strategic gateway to Africa. The minister reviewed Egypt's economic indicators and industrial investment opportunities, noting that significant investments have been made in infrastructure over the past decade, which have contributed to boosting trade and increasing investment inflows. The meeting discussed the potential for cooperation between the two countries in infrastructure and renewable energy projects, including the development of wind farms and logistics ports in Egypt. Opportunities for collaboration in the machinery, energy, and food sectors were also highlighted, along with prospects for manufacturing and supplying equipment to the Egyptian market. In addition, the meeting covered cooperation in green hydrogen, export-oriented industrial zones, the chemicals, industrial, and engineering sectors, as well as smart transport projects and specialized manufacturing in Egypt. Financing and investment opportunities in infrastructure were also discussed.
See - Sada Elbalad
20-07-2025
- Business
- See - Sada Elbalad
Egypt's PM Leads High-Level Meeting to Boost U.S.-Egypt Economic Cooperation
Ahmed Emam Egyptian Prime Minister Mostafa Madbouly chaired a high-level meeting on Sunday to follow up on efforts to deepen economic cooperation between Egypt and the United States, emphasizing the importance of leveraging the strategic and longstanding ties between the two nations. The meeting brought together key cabinet members including Minister of Planning and Economic Development Rania Al-Mashat, Minister of Foreign Affairs and Egyptian Expatriates Badr Abdelatty, and Minister of Investment and Foreign Trade Hassan El-Khatib. Vice Prime Minister for Industrial Development and Minister of Industry and Transport Kamel El-Wazir participated via video conference, along with other senior officials. In his address, Madbouly stressed the government's commitment to removing any barriers hindering joint economic projects and called for identifying concrete initiatives for future collaboration. He also highlighted Egypt's favorable investment climate, noting the broad incentives offered to foreign investors, particularly U.S. companies. 'Egypt is eager to expand its economic partnership with the United States, and we are committed to creating the conditions necessary for American businesses to thrive here,' Madbouly said. In turn, Foreign Minister Abdelatty outlined the diplomatic efforts underway to strengthen bilateral ties, both on the economic front and in relation to broader regional dynamics. He underscored the Foreign Ministry's active role in promoting cooperation with Washington across multiple sectors. Joining remotely, Minister El-Wazir presented updates on current consultations with U.S. firms, particularly in the areas of port development, maritime transport, and industrial zones—sectors where Egypt is seeking strategic foreign investment. Minister Al-Mashat reviewed ongoing development cooperation programs funded by the U.S. Agency for International Development (USAID), which support key priorities in Egypt's national development plan. She noted that these programs play a vital role in education, health, infrastructure, and economic inclusion. El-Khatib, Minister of Investment and Foreign Trade, detailed recent efforts to promote trade and attract U.S. investment into Egypt's economy. He pointed to expanding opportunities in sectors such as manufacturing, clean energy, and digital innovation. The Prime Minister concluded the meeting by instructing all relevant agencies to coordinate in preparing a comprehensive package of promising investment opportunities to present to American companies, with the goal of expanding U.S. economic presence in Egypt. 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 News China Launches Largest Ever Aircraft Carrier Arts & Culture "Jurassic World Rebirth" Gets Streaming Date Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer 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 News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Sports Get to Know 2025 WWE Evolution Results News Flights suspended at Port Sudan Airport after Drone Attacks
Daily News Egypt
19-07-2025
- Business
- Daily News Egypt
Italian firms eager to invest in Egypt across multiple sectors: Italian ambassador
Egypt's Minister of Investment and Foreign Trade Hassan El-Khatib met with Italian Ambassador to Cairo Michele Quaroni to discuss ways to strengthen economic cooperation and boost Italian investments in Egypt, reflecting the strong strategic partnership between the two countries. El-Khatib stressed that the Ministry of Investment and Foreign Trade attaches great importance to creating an attractive investment climate and offering facilitation measures for Italian investors. He noted that a comprehensive action plan is being implemented to unlock new avenues for Italian investment. This includes engaging with the Italian business community to showcase cooperation opportunities, streamlining investment procedures, and providing full support. The minister added that these efforts come at a time when Egypt is extending unprecedented support to the private sector and encouraging foreign companies to expand their investments in the Egyptian market. He pointed out that the state has enacted a series of economic reforms in recent years aimed at improving the business environment, simplifying customs procedures, and reducing clearance times to further facilitate investment. El-Khatib also highlighted several sectors of mutual interest that offer promising opportunities for collaboration, including the green economy, water desalination, recycling, and key priority industries. For his part, Ambassador Michele Quaroni expressed Italy's appreciation for the Egyptian government's efforts to enhance the investment climate. He affirmed that continued coordination with the Ministry of Investment and Foreign Trade would pave the way for deeper cooperation and open new opportunities for Italian investors, particularly in sectors that align with Italy's priorities. Quaroni noted that many Italian companies are keen to invest in Egypt across various fields, praised the Ministry's commitment to supporting existing Italian businesses operating in the country, and expressed interest in exploring the possibility of organising a promotional visit to Italy to present recent developments in Egypt's business environment and investment opportunities.
Daily News Egypt
09-07-2025
- Business
- Daily News Egypt
Chinese Premier Li Qiang arrives in Egypt for high-level talks
Chinese Premier Li Qiang arrived in Cairo on Wednesday for his first official visit to Egypt, where he was greeted by his counterpart Mostafa Madbouly at the start of a trip aimed at strengthening the strategic partnership between the two countries. Li, who is heading a high-level delegation, was given an official reception ceremony at Cairo International Airport, which included the playing of both nations' national anthems and an inspection of the guard of honour, a statement from Madbouly's office said. The two premiers are scheduled to co-chair an expanded session of talks and witness the signing of several agreements aimed at enhancing bilateral cooperation in various fields. Upon his arrival, Li emphasized the deep historical and cultural ties between the two nations, noting that Egypt was the first Arab and African country to establish diplomatic relations with the People's Republic of China nearly 70 years ago. 'The ancient Silk Road linked our two peoples across thousands of miles, and our friendship has stood the test of time,' Li said in a statement. 'Under the leadership of President Xi Jinping and President Abdel Fattah El-Sisi, our cooperation continues to deepen, setting a model for South-South cooperation.' Li added that China views Egypt as a key partner in the Global South and is eager to enhance collaboration across political, economic, and multilateral platforms. During the visit, the two sides are expected to discuss expanding cooperation in infrastructure, energy, trade, and technology, as well as joint efforts to promote regional stability and sustainable development. He concluded by affirming China's commitment to contributing positively to Egypt's development and to building a stronger 'China-Egypt community with a shared future.' In June, Egypt and China agreed to strengthen economic cooperation in key sectors such as electric vehicles, electronics, and artificial intelligence, and will coordinate to organise an investment promotion forum in Egypt, the Egyptian Investment Ministry said. The agreement came during a meeting in Beijing between Egyptian Minister of Investment and Foreign Trade Hassan El-Khatib and Chinese Commerce Minister Wang Wentao. The two sides agreed to enhance cooperation in several fields, including electric cars, feeder industries, electronics, water desalination, solar panels, and artificial intelligence. They also agreed to collaborate on strengthening supply chains. Chinese Commerce Minister Wang Wentao praised the bilateral trade volume, which has reached $17bn, affirming that China remains Egypt's largest trading partner. He highlighted successful investment cooperation in the TEDA-Suez zone, which has attracted significant Chinese investment, alongside major projects implemented by Chinese firms, including the Iconic Tower and Central Business District in the New Administrative Capital, the electric train, and renewable energy projects.
