FINANCIAL NEWS

Egypt to boost exports to $36b by 2013

16 Jun 2010

(MENAFN) Egypt’s Minister of Trade and Industry, Rachid Mohamed Rachid, said that the country plans to boost its exports to Jordan and some Gulf countries, aiming to doubling its global exports by 2013, Reuters reported.

The minister said that Egypt and Jordan have agreed to reduce some transportation fees and build storage centers in both countries.

He noted that Egypt plans to increase overall exports to $36 billion by 2013, and also hopes to boost exchanges with other Arab countries like Iraq and Syria that it trades with via Jordan.

Rachid highlighted the fact that Egypt and Jordan have strong political and economic ties and have been engaged in negotiations for over a year to establish a free trade zone. He said that the two countries trade in a variety of goods from natural gas, heaters and television sets to food products.

There are 970 Jordanian firms in Egypt with total investments of nearly $298 million while the investments of Egyptian companies in Jordan are about $355 million, the minister said.

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