Engineering Export Council of Egypt (EEC) announced on Saturday that the country's engineering industries exports recorded a remarkable increase of 19% during the first nine months of 2022, reaching $2.74bn in 2022, compared to $2.3bn in the same period of 2021. The monthly report of the EEC revealed the most prominent sectors in which exports increased included the electrical appliances sector, which achieved an increase of 18%. It was followed by cable exports, which increased by 48%; automotive components by 15.1%; household appliances by 5%; pumps, boilers, and motors by 100%; machinery and equipment by 147%, and metal forming components by 88%. The most important countries to which engineering exports increased in the period from January to September 2022 are Europe's UK, France, Germany, Czech Republic, and Spain; Asia's Saudi Arabia, the UAE, Kuwait, Jordan, and Lebanon; and Africa's Algeria, Morocco, Libya, Kenya. In a statement, Head of the EEC Sherif Al-Sayyad highlighted the need to intervene to reduce the cost of production, which gives a greater opportunity to be present with national products in new markets in light of the distinguished quality of Egyptian exports. He also disclosed that the first steps to reduce the final cost of the products is to remove customs on imported inputs and production components, in addition to providing incentives to attract investments in components that need accurate technology and require high cost when importing, along with providing accreditation to factories. He pointed out that the council has a clear working document that includes all challenges facing the engineering industries sector, which can be put forward for discussion in order to increase engineering exports, deepen local manufacturing, and attract foreign investments to linked strategic sectors.
