Egypt plans to double its exports to $100 billion within the next three years, Egyptian Prime Minister Mostafa Madbouly told Emirates News Agency WAM on Sunday.
“We are working to increase and double exports to bring Egypt’s exports to more than $100 billion over the next two or three years,” the Egyptian Prime Minister said on Sunday.
Madbouly’s comments come after he visited the United Arab Emirates on Saturday to meet with his Jordanian counterpart Bisher al-Khasawneh and the UAE President Sheikh Mohamed bin Rashid to launch the ‘Industrial Partnership for Sustainable Economic Growth.’The new partnership, launched on Sunday, marks a new era of opportunities to enhance economic growth across five key sectors: Food and agriculture, fertilizers, pharmaceuticals, textiles, minerals, and petrochemicals.
The agreement was signed by the UAE’s Minister of Industry and Advanced Technology Dr. Sultan bin Ahmed al-Jaber, Egyptian Minister of Industry and Trade Dr. Nevein Gamea, and Jordan’s Minister of Industry, Trade and Supply Yousef al-Shamali.
“Today, we witness, through the launch of Industrial partnership for Sustainable Economic Growth, an important day for the peoples of the three countries, especially this partnership is in light of the unprecedented economic challenges witnessed globally,” said Madbouly.
“These challenges reflect the significance of integration and coordination among our countries to secure and provide the main commodities and products our peoples need,” he added.
The UAE, Egypt, and Jordan have diverse resources and unique competitive advantages, including access to raw materials. In particular, they enjoy robust capabilities in the pharmaceutical industries, with clear ambition to develop and expand them further and increase their production capacity, and also seek to strengthen their manufacturing capabilities in the steel, aluminum, petrochemicals, and derivatives sectors.
The three countries’ combined industrial capacity represents around 26 percent of the total industrial capacity in the Middle East and North Africa region, according to WAM.