PM: State keen to overcome challenges to chemical and fertilizer sector

Prime Minister Moustafa Madbouli on Thursday said the state is keen on overcoming any challenges to the chemical and fertilizer sector, for being one of the promising industrial sectors that could play a good role in luring further investments.

In this regard, the premier added the government is ready to allocate the necessary plots of land for establishing more factories in that sector.

Madbouli made the remarks in a meeting with members of the Egyptian Chemical and Fertilizers Export Council (CEC), led by Khaled Abul Makarem to discuss their views and proposals on a new program for stimulating exports.

Also, the prime minister stressed that the government has been seeking to develop an overall program and an integrated vision to boost exports, with removing all obstacles to the CEC.

For his part, Abul Makarem briefed Madbouli on key indicators of this vital sector and the CEC’s vision on the new program to increase exports, saying the total volume of Egypt’s industrial exports in 2018 hit USD 5.3 billion, an increase of about 20%, compared to the previous year.

In 2018, the number of exporters reached 2,477, the CEC head said, noting that total production of about 6,520 registered industrial facilities, stood at EGP 520 billion. That figure contributed greatly to securing 1.1 million direct and indirect jobs for insured workers.

Abul Makarem said the CEC’s vision on the new program for exports, comes as part of the council’s efforts to activate local industry, through introducing a Value Added Tax (VAT) of at least 40% into local components, in addition to raising the volume of exports coming from the small and medium-sized enterprises (SMEs).

The CEC is seeking to have a greater access to African markets, especially as Egypt has taken over the African Union (AU) presidency in 2019, Abul Makarem added.

The council is working to support a sustainable program for exporters and enhance the quality of Egyptian industries, as well as increase participation in external exhibitions, business weeks and trade missions, he noted.

Source: State Information Service Egypt