The Trade and Industry Ministry seeks to adopt a new strategy to double exports in the coming five years in cooperation with different exporting sectors, said Trade and Industry Minister Tarek Kabil.

The exports are an important source to lure foreign currency, Kabil said during talks with heads of the export councils on Sunday. 

Increasing exportation rates requires upping the competitive edge of Egyptian products in both the local and foreign markets, according to the Egyptian official.

He said Egypt's exports increased over the past ten months, compared to a tangible decrease in imports, which, he added has contributed to reducing the trade deficit at about eight billion dollars. 

Kabil said the ministry is keen on removing all obstacles to the flow of Egyptian exports to the different foreign markets.

He said importation rates declined during the period between January and September, 2016 at some seven billion dollars, which, he added provides a big chance for Egyptian industries to replace imported products.

Source: MENA