Special Banking Solutions for “Work for Exporting”
19/10/2017
Ashraf El Kady – Chairman of The United Bank
- Export is on the list of economic targets of the Egyptian state.
- State agencies, bodies and civil society are working in accordance with a plan to maximize the export target.
- The United Bank signed a memorandum of understanding with the General Authority for Export Development to support the Egyptian exporters.
- The bank's branches offer a package of specialized technical and financing advice to Egyptian exporters.
- The Egyptian economy is rich with promising opportunities to start.
- Export and investment are the basis for Egyptian economic reform.
- Strengthening trade relations with partners is a new road map for Egyptian exports.
- The Egyptian exports compass must be headed to East.
- Achievements in the Egyptian road and port network are important for linking trade with investment.
- 4 main challenges facing Egyptian exports.
- Prescription to increase Egyptian production and maximize the export target.
Cairo: October 17, 2017
The Minister of Trade and Industry, Eng/ Tarek Kabeel, Sherine Al-Shorbagi, Chief Executive Officer of The General Authority for Export Development, Ashraf El Kady – Chairman of The United Bank, Eng. Khaled Al Mikati - Chairman of The Egyptian Exporters Association and Engineer / Mahmoud Borai - Chairman of The Exporters Committee of The Association of Investors of 6TH October inaugurate today Egyptian Exporters Services Complex in 6th October City in the presence of a selection of leading Egyptian exporters and economists. With a group of journalists and media professionals.
Ashraf El Kady – Chairman of The United Bank, said that exports come on the list of economic targets of the Egyptian state. The evidence is clear strategy and a deliberate plan by the state agencies and civil society organizations for the seriousness of development plans for Egyptian exports and maximizing its role in the national economy to raise the slogan "Made in Egypt" globally.
The economic indicators point to an increase in the volume of the Egyptian exports during the first half of 2017 as compared to the first half of last year 2016. This is due to the huge efforts of the Ministry of Commerce and Industry and its affiliated bodies and hard work in promoting the Egyptian industries. This required parallel lines to develop each industry on its own and to determine their real potential to grow, how to increase their competitiveness, and to know how to integrate large projects and small and medium enterprises and to open up a larger field for complementary industries.
The United Bank signs a memorandum of understanding with the General Authority for Export Development
Ashraf El-Kady said that The United Bank had previously signed a memorandum of understanding with the General Authority for Export Development headed by Sherine Al-Shorbagi, in order to support the integration of the masses of Egyptian exporters. From the real belief in the importance of maximizing the contributions of Egyptian exports to the national product.
The Export Development Authority, under the chairmanship of Sherine Al-Shorbagi, operates in accordance with a professional vision and specific objectives to support and develop Egyptian exports, increase its competitiveness in international markets and ease the burden of the export sector.
Branches of The United Bank offers a range of financial and advisory services to exporters
Ashraf El-Kady said that the branches of the bank are offering a specialized package of banking and electronic banking services under the slogan "work for exporting". In order to maximize the presence of Egyptian products in the global trade movement. As well as providing the time and effort through a selection of financial and electronic products that contributes to the efficiency of the exporters’ products and ensure its competitiveness in the world markets, such as: E-commerce services and electronic payment of government obligations. The Bank has a qualified infrastructure for such digital banking transactions in accordance with international quality standards.
This is in addition to providing a series of specialized technical banking consultations for exporters in cooperation with the General Authority for Export Development through specialized training programs in payment mechanisms, commercial operations, documentary credits and bank operations to spread banking culture among all exporters.
Export and investment: a basis for Egyptian economic reform
Ashraf El-Kady said the export and investment file is the basis for Egypt's economic reform. The marked improvement in Egypt's economic indicators points to the economic reform program, raising the credit rating and increasing the confidence of international institutions in the Egyptian economy. Which is reflected on the extent of acceptance of Egyptian products externally provided the improvement of their competitive quality and the treatment of some of the difficulties they face and limiting its spread.
He added that the state's efforts with all its institutions and bodies with civil society are clear on all levels, especially in the field of trade relations with partners and opening new markets for Egyptian exports.
The Egyptian exports compass must be headed to East
El Kady said that the Egyptian exports compass must be headed to the East. The global economic index is moving towards China and India as countries that are eligible for economic rise in the coming period for several reasons related to population size, trade and economic growth. So building commercial partnerships needed to support the Egyptian export and investment map.
4 main challenges facing Egyptian exports
On the most important challenges facing Egyptian exports and hindering opportunities for global spread, Ashraf El-Kady has identified four main challenges:
First: Increasing prices of raw materials either in the local market or through import, thereby reducing the competitiveness of products.
Second: Difficulties related to transport and storage. The State has made a huge achievement in extending the network of Egyptian roads and ports both on the Red Sea and on the Mediterranean Sea to enhance the presence of Egyptian products globally and to link the movement of trade and investment.
Third: Conditions imposed by some foreign countries on the quality of exported Egyptian products.
Fourth: The ban on importing some Egyptian products in a number of international markets, especially agricultural.
The Egyptian economy is very promising
Ashraf El-Kady said that the Egyptian economy is interested in the opportunities that qualify for the launch by the testimony of a number of economists and researchers in emerging markets and this comes on five main themes:
First theme: Treatment of the challenges facing the Egyptian industrial base and thus reduce the incursion export opportunities globally. This is not a matter of funding, it is prudent to build an industrial base and improve the production conditions in various fields, especially in line with the development plans of the country, and also in line with export opportunities and global competitive advantages.
Second theme: Increase the local component in the Egyptian industry at the expense of the importer. This contributes to a real boom in small and medium industries and Egyptian exports. Which leads to the reduction of the import process, increase employment opportunities and build a national industrial base.
Third theme: Strategic planning to empower small, medium and micro enterprises, encourage youth and women, and support new creative ideas and transform them into projects on the ground while trying to connect them to the actual needs of the local and international markets. As creating a sector of small, medium and small industries associated with large factories. In other words, there is a network of complementary industries that complement large factories.
Fourth theme: Maximize the use of Egyptian human resources. Through the implementation of the National Strategy for Training and Employment. This was built on a precise database of the labor market aimed at reducing poverty and economic empowerment, especially for youth and women. Population is an advantage if its investment is a high consumption and marketing capacity for goods and services. We just have to spread the culture of work and production.
Fifth theme: Promote the Egyptian industries with export competitive advantages such as leather, furniture and chemicals. The efforts of the state are clear in the establishment of industrial parks and cities specialized for these industries, as well as direct support through the initiatives of The Central Bank of Egypt to develop the sector of small and medium enterprises.
