Alaa Ezz, the Secretary General of the Confederation of Egyptian-European Business Associations (CEEBA) and the Federation of Egyptian Chambers of Commerce (FEDCOC), announced that an urgent plan is being implemented to attract investments, maximize the return of exports and reduce the cost of imports, in cooperation with the Trade and Industry Ministry.
In a statement, Ezz said that the plan aims to develop dollar revenues, whether by attracting new investments in all sectors or reducing and replacing imports, or increasing the current export revenues by raising the proportion of the local component in exports through the development of feeding industries.
This will lead to reducing the cost of imports, and attracting international manufacturing companies to do business in Egypt, he added.
Ezz said that the plan aims at creating new job opportunities by attracting FDIs and focusing on companies, affected by the disruption of their supply chains.
The Trade and Industry Ministry has begun implementing the “Relocate2EGYPT” initiative to attract these companies, he further noted.
Source: State Information Service Egypt