Minister: Commodities Councils Aim at Developing Egypt’s Economy
The establishment of twelve commodities councils by the Egyptian government aim at facilitating procedures for export and increasing the volume of Egyptian exports said Youssef Boutros Ghali, Minister of Economy and Foreign Trade.
Ghali said the role of commodities councils in the coming stage is to increase the volume of exports to improve the trade balance in Egypt's favor, increase job opportunities and raise the income of citizens which would revive markets and activate economic performance, according to Egypt Online.
"Facts presented at the meeting are extremely encouraging and have already led to an improvement in the export atmosphere," Ghali said.
He attributed this to two main factors: first measures taken to encourage exports during the past two years and, second, measures taken by the government about a month ago to amend the foreign currency exchange system to realize stability in the foreign currency market.
The amendment had a big effect in increasing the volume of exports to world markets by increasing the ability of Egyptian products to compete in view of their low prices on world markets.
Ghali said that amendment of the exchange rate also led to a drop in imports and a trend to use locally produced goods which have better prices compared to similar foreign products.
This will improve the economic climate in Egypt and increase demand on locally produced goods and also increase job opportunities, he said.
Ghali said that, for the first time, a record has been registered in the export of Egyptian rice that amounted to 200,000 tons and will rise by the end of the season in October to 700,000 tons.
An increase has also been realized in agricultural exports, notably grapes fruit and strawberry, he added -- Albawaba.com
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