The inaugural annual GOEIC forum titled “Shifting Mindsets to Unlock Export Potential,” held on Tuesday at Cairo. During the forum, Egypt’s Planning Minister Rania Al-Mashat’s insights at the forum highlight Egypt’s strategic focus on enhancing export capabilities as a cornerstone for economic growth. By fostering international partnerships, promoting sustainable practices, and empowering the private sector, Egypt will unlock its full export potential, ensuring a competitive economy that thrives in the global market. As the country continues to navigate challenges, these initiatives will play a pivotal role in achieving economic resilience and stability.
She underscored the critical role of exports in achieving economic stability and fostering a competitive economy. The event, organized by the General Authority for Export and Import Control (GOEIC), gathered key stakeholders from the government, business community, and international development partners to discuss strategies for enhancing Egypt’s export capabilities.
The Importance of Export Growth
Minister Al-Mashat emphasized that boosting exports is essential for strengthening Egypt’s economy. By increasing foreign currency inflows, exports not only contribute to economic stability but also facilitate job creation. Further, the Egyptian government is committed to investing in industrial development to enhance the global competitiveness of Egyptian products.
Strategic Priorities for Economic Advancement
During her speech, Al-Mashat outlined the ministry’s comprehensive approach to improving development planning mechanisms and promoting international partnerships. She called for a unified vision to enhance macroeconomic stability, improve public finances, and implement structural reforms that would increase the private sector’s role in the economy. This strategy targets at creating an environment conducive to investment and innovation, particularly for exporting companies.
Building International Partnerships
A significant focus of the forum was the importance of long-term relationships with international development partners. Minister Al-Mashat highlighted the ongoing collaboration with the World Bank on an industrial development strategy and the robust partnership with the US Agency for International Development (USAID). Through the Trade and Investment Promotion in Egypt Agreement (TIPE), the TRADE project aims to strengthen the export capacity of SMEs across critical sectors, positioning them to compete effectively in the global marketplace.
Embracing Economic Resilience and Sustainability
Despite the global economic challenges, Minister Al-Mashat reaffirmed Egypt’s commitment to advancing its economy through three strategic priorities: enhancing competitiveness, improving the business environment, and supporting a green economy. A core element of this approach is empowering the private sector, especially exporting firms, to seize opportunities in international markets.
The launch of the digital “Hub for Advisory, Finance & Investment for Enterprises” was also highlighted as a key initiative designed to streamline support from development partners to the private sector. This one-stop shop platform aims to facilitate access to resources and information to boost export growth.
Commitment to Environmental Sustainability
In her address, Al-Mashat commended GOEIC’s initiatives in approving carbon reduction certificates for exporting companies and the recent establishment of Egypt’s voluntary carbon market by the Financial Regulatory Authority (FRA). These efforts reflect the government’s integrated vision to enhance competitiveness while prioritizing sustainability.
Collaborative Agreements for Future Growth
The forum concluded with the signing of a memorandum of understanding between GOEIC and the Egyptian Environmental Affairs Agency (EEAA), witnessed by Minister Al-Mashat and the Minister of Investment and Foreign Trade. This agreement signifies a collaborative effort to bolster export capabilities while maintaining a commitment to environmental stewardship.
