Within the Nile Pioneers initiative sponsored by The Central Bank of Egypt
The United Bank along with Nile University, and The Egyptian Furniture Export Council celebrate the graduation of the first 30 Egyptian furniture companies, within the scope of value chain development program, to localize furniture industry in Egypt.
Cairo: September 20th, 2022
The United Bank celebrates with The Egyptian Furniture Export Council the graduation of the first 30 Egyptian furniture companies, within the scope of value chain development program, to localize furniture industry in Egypt. Within the frame work of Nile Pioneers initiative sponsored by The Central Bank of Egypt. Executed by Nile University.
The program aims to localize the furniture industry, and level up the competitiveness of the small and medium enterprises in the local and foreign markets. The United Bank stated that the program’s runtime was 10 months. During this period, the participant companies got acknowledged with creative and specialized solutions in furniture industry. As well as, how to cope with the international quality standards, and modern technology systems, to keep pace with foreign market requirements, in order to develop the national industry and maximize Egyptian furniture exports.
The United Bank has announced today its diligence to support the national industry. That’s why UB launches a work system with economic and social dimensions. In order to increase the national productive base, in all companies’ levels either small, medium or large, and also start-ups and entrepreneurships. UB has adopted an investment policy in building the Egyptian person through intensive programs for rehabilitation, raising efficiency and spreading the culture of national production. As well as, creating a favorable climate for implementing the proposed initiatives, whether by the Egyptian state or CBE, to develop the small, medium and micro enterprises sector, on top of which is the “Nile Pioneers” initiative.
The wooden furniture industry is among the most important Egyptian national industries with an international competitive advantage. It witnesses a remarkable growth in demand. That’s because of the increasing volume of local demand, especially the huge national projects represented in new cities, like: The New Capital, El Galala City, and New Alamien City. As well as, replacing the imported product with the local product, especially after reducing import, the thing that contributes to moving the local market.
UB has two Nile Pioneers centers in Dakahleya governorate to serve the Delta area, and one in Menya governorate to serve the Upper Egypt area, in addition to value chain development center in The Nile University.
Dr Heba Labib- Executive Manager of The Nile Pioneers initiative, said “We are proud of the value chain program in furniture industry success, it came out of the cooperation between the initiative and the UB, with the participation of EFEC, sponsored by The CBE”. Dr. Heba praised the concerted efforts done by the Nile Pioneers initiative, that reflected in improving the production efficiency, sales raise up to 145 million Egyptian pounds, opening export markets, and the companies’ presence on different electronic channels. The thing that keeps pace with CBE’s approach to the importance of providing support to deepen the local industry and increase exports.
Dr. Noha Nehad -Head of The Egyptian Furniture Export Council “EFEC”, said that council works on getting the companies acknowledged with the market requirements and available export opportunities. The council marketing plan includes several trading expeditions, either inside or outside. As well as, participating in international fairs, which wouldn’t success without well- aware Egyptian companies, and readiness to effectively export.
She added that the graduation of these 30 national companies in furniture industry is regarded as a big step to put these companies on the right path, to reach their products to the international market with high quality standards and competitive value designs.
Eng. Mohamed El Katatny - Head of Value Chain Center, has praised the Nile Pioneer initiative that provided support to the participant companies to apply new ideas, which reflected in sales raise in a notable way in limited time frame. That was through directing the companies to establish electronic channels. Besides, supporting the companies to apply quality systems, establish and develop digital marketing plans, and readiness to export.
The graduation ceremony was held in Nile Pioneers headquarter in Nile University. And was attended by Walid Ali- Head of Small enterprises sector, and Tamer Mikhail – Head of Credit team, and in charge of products development. Along with several senior experts in the industry, and 30 specialized company in manufacturing furniture who received the qualifying program.
It is worth noting that Value Chain development center, affiliated to Nile Pioneers initiative- The United Bank has made a detailed evaluation to all targeted companies, on market, administrative and export levels, and business models in several Egyptian governorates. Like: Cairo, Giza, Damietta, and Alexandria. The evaluation was set by a number of specialized experts. It includes all challenges that may face these companies, in technical and productive means. As well as, innovation levels and used- technology. According to the above, the Value Chain development center has made a detailed work plan to each company, aiming to providing solutions to all obstacles and motivating those companies to work and increase production as per the international quality standards.