His Excellency Dr. Mostafa Madbouly, Prime Minister of the sisterly Arab Republic of Egypt, revealed that Egypt possesses a strategic stockpile of all major commodities for a period of up to 6 months to face emergency crises, stressing that there is a plan to double and enhance Egyptian exports to reach $100 billion over the next three years.
Madbouly told the Emirates News Agency (WAM): “Today, through the launch of the integrated industrial partnership for sustainable economic development between the UAE, Egypt and Jordan, we are witnessing an important day for the peoples of the three countries, especially as the partnership comes in light of the unprecedented economic challenges the world is witnessing, which assures us The importance of integration and coordination between our countries to secure and provide the main and basic goods and products that our peoples need.
He added: «The world is witnessing today, whether as countries or governments and peoples, suffering from inflation and its huge rates and high prices in various basic commodities, in addition to the lack of provision of these commodities, as many international institutions have warned of the aggravation of this crisis and its repercussions associated with the emergence of famines and crises in some Countries, which reinforces the importance of urgent action by the countries of the world in order to integrate and benefit from the competitive and comparative advantages of countries, to achieve integration, especially in the basic commodities required by peoples.
He pointed out that integration between countries is the basis for us to be safe from the crisis the world is witnessing and its repercussions, as no global expert can predict what will happen next month, let alone the end of the year; Therefore, the economic partnership comes to put together a road map and an implementation plan that secures the main products that our countries need in the short term, which does not exceed a year, in addition to the medium and long term needs.
In response to a question regarding the Egyptian government’s plans to confront economic challenges, Madbouly explained that the Egyptian strategic reserve for major commodities ranges between 4 and 6 months for each commodity, which represents a wall in facing various challenges. The government’s work continues on the same methodology, and the strategic reserve is secured, a role through which the government has succeeded in providing goods to Egyptian citizens without the citizen feeling that there is a shortage of these goods.
He added: “There is an increase in prices, as is happening in all countries of the world, but our role as a government is to observe the social dimension, and to absorb part of the cost and increase in prices, as we continue our plan to rationalize local consumption, increase work on industrialization and localize the local industry to provide strategic goods. ».
He pointed out that integration and coordination with the UAE and Jordan will contribute to achieving an important part of self-sufficiency, while we are also working in the government to maximize our local exports, as despite the lack of supply chains and products around the world, Egypt has proven its capabilities and capabilities. Infrastructure, and we are working to increase and double exports to bring Egypt’s exports to more than $100 billion over the next two or three years.
The Egyptian Prime Minister stressed that coordination between the UAE and Egypt is comprehensive coordination at all levels, starting with coordination between the leadership of the two brotherly countries, as both are linked to distinguished brotherly relations, whether at the level of governments or peoples, pointing out that high-level coordination contributed to moving quickly. Flexibility to implement projects, agreements and partnerships, which may take several months, within a few days.
