ABU DHABI, 29th May, 2022 (WAM) — Mostafa Madbouly, Prime Minister of Egypt, said that his country has a plan to double and enhance exports to US$100 billion in the next three years and a strategic stockpile of all major commodities for up to six months to face emergencies.
In an interview with the Emirates News Agency (WAM), the Egyptian Prime Minister said, “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. These challenges reflect the significance of integration and coordination among our countries to secure and provide the main commodities and products our peoples need.”
“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,” he noted.
Madbouly added that the world is today witnessing countries or governments and peoples suffering from inflation and its huge rates and high prices in various essential commodities, in addition to a shortage in their provision. Several international institutions warned of this crisis and its repercussions associated with the outbreak of famines and crises in some countries, which calls for developing urgent action worldwide to integrate and benefit from the competitive and comparative advantages of the countries to achieve integration, especially in essential commodities.
He pointed out that integration and coordination with the UAE and Jordan will contribute to achieving an important part of self-sufficiency, while Egypt is also working to maximise local exports. Despite the lack of supply chains and products worldwide, Egypt has proven its capabilities and potential including infrastructure.
Madbouly emphasised that there is comprehensive coordination between the UAE and Egypt at all levels, starting with coordination between the leadership of the two fraternal countries, as both are linked to distinguished brotherly relations, whether at the level of governments or peoples.
He also pointed out that high-level coordination within a few days contributed to moving quickly and with the flexibility to carry out projects, agreements and partnerships, which may take several months.