Exports become main source of Egypt's foreign currency

The Egyptian exports became the main source of foreign currency in Egypt, especially after money transfers from abroad had receded, the industry minister said on Sunday.

In a press conference on the sideline of the his visit to El Salheya El Gadida city, Sharqia Governorate, northern Cairo, Tarek Qabil said the government was working on many axes to bring more foreign currencies into Egypt such as reducing imports and increasing exports.

Qabil said the country made a plan for increasing exports.

Based on several axes, the plan aims at developing certain sectors to gain a competitive edge in some markets, the minister said.

He said Africa would be one of the targeted markets for Egypt, citing the increase in the Egyptian exports to Africa since the COMESA summit from 500 million dollars to two billions, along with opening trade bureaus in new countries.

Asked about the potential of organizing permanent fairs for Egyptian goods abroad, Qabil dismissed the idea as economically unrewarding compared to the temporary exhibitions. He elaborated that Egypt had took part in 60 fairs last year.