{"id":586706,"date":"2023-05-16T00:00:00","date_gmt":"2023-05-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/16\/now-is-the-time-to-act-on-exports-so-where-do-we-start\/"},"modified":"2023-05-16T00:00:00","modified_gmt":"2023-05-16T00:00:00","slug":"now-is-the-time-to-act-on-exports-so-where-do-we-start","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/16\/now-is-the-time-to-act-on-exports-so-where-do-we-start\/","title":{"rendered":"Now is the time to act on exports \u2014 so where do we start?"},"content":{"rendered":"

<\/span>Exports and FDI are the way forward \u2014 other countries have done it right and so <\/span>can we: <\/span>Egypt must combine its natural value proposition with clarity and focus to build exporting economies of scale,<\/span> said Yasmine Khamis, chair of Oriental Group and Yassir Zouaoui, partner at McKinsey, during the opening panel \u2014 which set the tone for the rest of the forum \u2014 of the Enterprise Exports and FDI Forum yesterday. The panel was co-moderated by Helmy Ghazi, deputy CEO of HSBC Egypt and the anchor of our most-read story ever (<\/span>Five steps to build a new Egyptian economy<\/a><\/span>).<\/span><\/p>\n

The time is now: <\/span>\u201c<\/span>Delays are an excuse for nothing, they are only lost opportunities\u201d, said Khamis. The immediate need to push for exports will drive companies to innovate and build resilience in order to enter global markets, she added. <\/span><\/p>\n

There\u2019s a lot going in our favor:<\/span> Egypt is a cost competitive market with a large, young labor force and multiple international trade agreements, Khamis and Zouaoui agreed. Geographically we act as a near shore country to large and dynamic economies including the GCC and EU as well as an access point to Africa and the MENA region. \u201cEgypt\u2019s value proposition is set\u201d, said Zouaoui, \u201cwe just need to fine tune it to the investors\u201d. <\/span><\/p>\n

That requires focus: <\/span>We must choose a few of the top sectors in which to invest and commit to them, said Zouaoui. It\u2019s a lesson we can learn from Morocco, which made the conscious decision to focus on four sectors under a continuous national policy spearheaded by separate Industry Ministers over a period of 15-18 years, he said. <\/span><\/p>\n

We must pick sectors with a clear competitive edge: <\/span>A successful export program is tailor made to the needs of the global market by leveraging the capabilities of the local market, said Khamis. She pointed to Egypt\u2019s textiles and tourism sectors, while Zouaoui added our renewables sector \u2014 solar and wind \u2014 as well as batteries, electric vehicles and tech-driven manufacturing, all of which already have established sustainable value chains.<\/span><\/p>\n

Think creatively with what\u2019s on offer:<\/span> Leaning on government support in the form of export subsidies can provide a \u201cjumpstart for a business\u201d looking to export regardless of whether the subsidies are paid on time, said Khamis. Oriental Weavers, she said, uses subsidies to give back to the customer in the form of discounts or a rebate, increasing the company\u2019s global competitive edge. <\/span><\/p>\n

Other incentives Khamis called for include<\/span> credit facilities with banks and tax exemptions in addition to a lobby for exporters to voice their needs. <\/span><\/p>\n

Snowball effect: <\/span>Drawing in top tier flagship investors will inevitably lead to the entrance of local investors and SMEs that enrich the value chain, said Zouaoui. <\/span><\/p>\n

Investors are secured through predictability, he added<\/span>, meaning that we must draw up a clear roadmap to be implemented by \u201ctransaction focused\u201d people, signaling to the global market that Egypt is open and committed to business.<\/span><\/p>\n

Zouaoui also noted the importance of having an investor promotions authority to highlight the value proposition that Egypt has<\/span>, noting examples abroad including India and Vietnam. <\/span><\/p>\n

<\/p>\n

\n

We could not have made the Enterprise Exports and FDI Forum without the support of\u2026<\/span><\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Investing in globally in-demand sectors that can be produced locally will help build sustainable value chains<\/p>\n","protected":false},"author":1,"featured_media":586707,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10597],"tags":[7069,72,1202],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-586706","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-enterprise-exports-fdi-forum","tag-enterprise-exports-fdi-forum","tag-enterpriseam","tag-oriental-weavers","wpautop","entry"],"acf":{"mongo_id":"69da074e-7e5a-45b1-b243-caf5c1a338b6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/1118.jpg","photo_position":"above","homepage_title":"","full_issue_title":"How can we turn the tide on Egypt\u2019s export sector?","related_issue":[586701],"teaser":"Investing in globally in-demand sectors that can be produced locally will help build sustainable value chains","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.154dce01-b5c1-44ad-938a-7d074e69508d.mp3"},"yoast_head":"\nNow is the time to act on exports \u2014 so where do we start? 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We have a rather busy issue for you to sink your teeth into at the start of the week, so let\u2019s get right into it.We\u2019re looking at a short work week: The country\u2019s banks will be closed this Thursday, 26 January in observance of Police Day and\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/710.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586786,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/17\/foreign-investors-still-want-in-on-egypt-but-local-firms-need-to-get-the-fundamentals-right\/","url_meta":{"origin":586706,"position":2},"title":"Foreign investors still want in on Egypt \u2014 but local firms need to get the fundamentals right","author":"enterpriseam admin","date":"17 May 2023","format":false,"excerpt":"EBRD, IFC, and Apis talk about attracting investment at the Enterprise Exports + FDI Forum","rel":"","context":"In "ENTERPRISE EXPORTS + FDI FORUM"","block_context":{"text":"ENTERPRISE EXPORTS + FDI FORUM","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-exports-fdi-forum\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/930.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586876,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/18\/exporting-101-with-captains-of-industry\/","url_meta":{"origin":586706,"position":3},"title":"Exporting 101 with captains of industry","author":"enterpriseam admin","date":"18 May 2023","format":false,"excerpt":"Localize production imports and build solid international relationships to maximize exports","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/992.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586619,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/the-enterprise-exports-and-fdi-forum-is-taking-place-today\/","url_meta":{"origin":586706,"position":4},"title":"The Enterprise Exports and FDI Forum is taking place today","author":"enterpriseam admin","date":"15 May 2023","format":false,"excerpt":"CEOs, execs, bankers, and development finance folks will discuss how to boost exports and FDI","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":586049,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/03\/this-evening-pmi-still-in-contraction-but-is-at-its-highest-level-since-last-october\/","url_meta":{"origin":586706,"position":5},"title":"THIS EVENING: PMI still in contraction \u2014 but is at its highest level since last October","author":"enterpriseam admin","date":"3 May 2023","format":false,"excerpt":"Good afternoon, friends, and happy THURSDAY-equivalent. We\u2019re sliding into the long weekend \u2014 enjoy it, because the next holiday coming our way is Eid Al Adha at the end of June. 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