Chamber of Engineering: The state is determined to support the national industry and enhance its competitiveness

Engineer Ahmed Abdel-Gawad, a member of the Board of Directors of the Chamber of Engineering Industries in the Federation of Industries, confirmed that the international exhibition for industry, which was inaugurated by President Abdel Fattah El-Sisi and in the presence of state leaders, confirms the great interest of the political leadership in strengthening the role of industry and supporting national products, as well as deepening local industrialization, as well as enhancing the competitiveness of national production in face import

In exclusive statements on the sidelines of the International Exhibition of Industry, he stressed that the liberalization of the exchange rate will positively affect Egypt’s exports, especially as the foreign importer is looking for the appropriate price for him, and any devaluation in the currency leads to an increase in exports.

He added that the decision to reduce the work of documentary credits in preparation for their cancellation within two months is a supportive step for the export industrial sector, and also contributes to providing raw materials and production machines for the industry, which makes the production wheel return strongly.

Regarding the fluctuation in dollar prices and their rise to levels close to 23 pounds, he stressed that the market will absorb this increase within two weeks, so that dollar prices will return to settle near levels ranging between 22 to 22.5 pounds, and the exchange markets will stabilize significantly, and what happened today in exchange rates is normal. Through this step, the Central Bank succeeded in keeping pace with the real prices of the dollar.

He stressed that the state is taking steps that would restore discipline to the industrial market after it was negatively affected by the work of documentary credits since March 2022 and the abolition of import restrictions is a step that contributes to providing products and raw materials that are imported from abroad and necessary for the work of factories.

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