Happy news from the Council of Ministers.. An important raid for emerging companies.. and a great demand for Egyptian cotton.. Welcome to the Monday News Harvest
Starting with the Media Center of the Council of Ministers, which published a report that included infographics highlighting that net international reserves have exceeded pre-crisis levels thanks to the recovery of foreign exchange sources.
The report reviewed the development of net international reserves compared to before the outbreak of global crises, as they recorded $46.95 billion in November 2024, compared to $35.17 billion in November 2023, $33.53 billion in November 2022, $40.91 billion in November 2021, and 39. $22 billion in November 2020, and $45.35 billion in November 2019.
The report also indicated an improvement in foreign exchange sources, as net foreign direct investment increased about 6-fold, recording $46.1 billion in 2023/2024, compared to $8.2 billion in 2018/2019, in addition to an increase in exports by 39%, reaching $41.7 billion. In 2023/2024, compared to $30 billion last year 2018/2019.
We go to Dr. Rania Al-Mashat, Minister of Planning and International Cooperation, who confirmed that the current period is witnessing a succession of working group meetings in order to prepare the “Startup Charter,” which is a document that will include all the recommendations and visions that the government will follow in this field, to serve as a road map for the future, setting priorities. The government and the private sector support entrepreneurship.
The minister added that supportive measures for the startup community are scheduled to be issued in the first quarter of next year, referring to the “Middle Income Trap” report, issued by the World Bank, which stressed the importance of innovation and digital transformation for middle-income countries to enhance growth.
We go to engineer Mahmoud Ghazal, a member of the Textile Industries Chamber of the Federation of Industries, who confirmed that Egyptian cotton is characterized by exceptional quality that makes it the highest demand among customers looking for luxury products.
He explained: “The high value of Egyptian cotton is due to its high quality, which makes it the first choice among customers interested in quality.”
The Chamber of Textile Industries indicated that the cost of establishing a small factory for export is approximately 50 machines, amounting to approximately one million pounds. Pointing out that there are a number of tips for young people who want to establish brands or factories targeting the local or export market.
We go to Dr. Ahmed Kouchouk, Minister of Finance, who confirmed during the activities of the economic conference “Flexible Reform – A Calm Transition to the Challenges of the Economy”: There is a study to work on new initiatives related to investment spending in cooperation with the Ministries of Industry and Investment to support promising activities, with the aim of increasing their productive capabilities.
Kajok added: There is cooperation with the Ministry of Petroleum to achieve the efficiency required for the investor and the state, indicating that Finance is in the process of dealing with great flexibility by forming integrated packages to achieve all means to support and support the industry and investment sectors.
