Egypt’s exports to the United States rose 31 percent to $2.1 billion in 2019 from $1.6 billion in 2018 under the Qualified Industrial Zones (QIZ), Minister of Trade and Industry Niven Gamea said.
Gamea made these remarks during a panel organised by the Qualified Industrial Zones (QIZ) Unit held Thursday on the occasion of the engagement of 34 new companies to the QIZ agreement.
The ministry aims to increase Egyptian exports to the U.S. market is one of the most important markets that receives Egyptian products globally, stating out that the ministry supports all exporters to tap both preferential and free trade deals signed between Egypt and other markets and global economic blocs.
“The Covid-19 represents a significant challenge to Egyptian exports to access external markets, including the US market. Yet, such challenges create real opportunities for Egyptian export companies, notably with the competitive advantages that Egyptian products enjoy and that are favourites to American consumers,” said Gamea.
Head of QIZ Unit Ashraf El-Rabie said the 34 newly engaged companies’ investments amount to 1 billion pounds, including foreign direct investment operating in the Egyptian market from India, China, Lebanon, and Turkey, in addition to a number of joint Egyptian-foreign investments.
These companies work in the garments, textiles, food and leather products sectors, according to El-Rabie.
He disclosed that Egypt’s exports to the US under the QIZ deal recorded $12 billion from 2005 to 2019 and that Egypt ranks 20th among the largest exporter countries to the US in the ready-garments sector, with total exports worth $1.15 billion in 2019.
Ready-garments and textiles exports account for 98 percent of total exports headed from QIZ zones.
