The Egyptian Export Council of Medical Industries (ECMI) aims to double the medical exports over the next three years, according to ECMI Chairperson Maged George.
George added that the medical industries sector recorded $540m in exports last year, with the most important markets receiving Egyptian pharmaceutical exports being Saudi Arabia, Yemen, Sudan, the UAE, Iraq, Morocco, Jordan, Libya, Lebanon and Germany.
He also said that there are currently 270 medical supplies companies operating in Egypt, producing an export volume of $50m in the first six months of 2020.
ECMI council members called for assistance to be provided to exporting companies for their participation in permanent external exhibitions that allow the presence of products in export markets throughout the year. The Egyptian participation would enhance the presence of locally produced pharmaceuticals in global markets, especially in Africa.
During a virtual meeting with Minister of Trade and Industry Nevine Gamea on Monday, the ECMI council members demanded that the issuance of executive regulations for a new investment law be accelerated. This would maximise the benefit from incentives contained in the law, and in a way that is reflected in Egypt’s investment climate.
Gamea disclosed that Egypt’s pharmaceuticals industry has excellent opportunities to double its exports to Arab and African countries, particularly to Nile Basin country markets.
The minister instructed the council members to prepare a comprehensive vision for the new programme to support exports of pharmaceutical and medical supplies sector. This would then be submitted to the Ministry of Trade and Industry for study as part of a new programme for export subsidies.
She noted that the Export Development Fund will continue to pay exporting company dues, as directed by Egypt’s political leadership, to ensure financial liquidity for companies. The minister highlighted that the move is to provide companies with some financial protection given the difficult global economic conditions on the back of the novel coronavirus (COVID-19).
By Daily News