Chairman of the Chamber of Chemical Industries: Egypt is one of the largest contributing countries to the African Development Bank
The Chairman of the African Affairs Committee in the House of Representatives and the Chairman of the Chemical Industries Chamber of the Federation of Industries, Sherif El-Gebly, confirmed that Egypt is the largest contributing country to the African Development Bank.
This came during El-Gebly’s participation, today, Monday, in the table. The round was held by the African Development Bank under the title “Investments and Trade in the Chemicals and Fertilizers Sector,” in cooperation with the Chemicals and Fertilizers Export Council and the Chamber of Chemical Industries, where the meeting was considered a great opportunity for companies to discuss challenges and opportunities in order to access African markets.
< p>He explained that the chemical industries are among the industries that feed most other industries, as the Chamber divides them into 6 main sectors such as fertilizers, chemicals, paints, paper, cardboard, plastic, rubber, detergent manufacturing, waste recycling – paints and inks, and the Chamber’s members reach 23 thousand factories in various fields of chemical industries.
Al-Gabali noted the importance of finding financing with soft loans for this industry to develop it, increase production and exports, and replace the imported product with local products. He pointed out that Egypt’s production of chemical industries is sufficient for the local market and has a surplus, and Egypt exports to many European countries. And Africa.
He pointed to the world’s tendency to apply the carbon tax to many industries, such as the nitrogen fertilizer industry, calling for the support of the relevant companies from the African Development Bank to transfer the necessary technologies to apply CBAM (reducing carbon emissions) for nitrogen fertilizers and glass, as they are currently industries. The target is to implement carbon tax reduction and needs funding to find new investment opportunities and develop current production.
He explained that the Chamber of Chemical Industries provides services to its members, for example, a cooperation protocol was signed Between the Chamber of Chemical Industries and the National Research Center to link scientific research with industry and meet the industry’s needs for the required scientific consultations. The Chamber also provided technical support in the form of studies and direct and indirect technical consultations for many sectors of the chemical industry through cooperation with the technical committees emanating from the departments’ boards of directors and the assignments of the boards of directors. Department departments and follow up on the Chamber’s Board of Directors’ assignments in this regard.
He pointed to Egypt’s industrial potential in the chemical industries sector, as Egypt has great potential to advance its chemical industries, and in fact the chemical industries sector It is considered a promising sector for foreign and Arab direct investment in Egypt during the next ten years.
He pointed out that the volume of investments in the various chemical industry sectors reached about 40 billion dollars, and the volume of Egyptian exports amounts to Of the chemical industries in 2023, about $10 billion.
Participated in the round table were private sector experts at the African Development Bank, financiers interested in supporting expansion and export plans, and Khaled Abu Al-Makarem, Chairman of the Council. The Export Company for Chemical Industries, and representatives of the Ministry of International Cooperation and Planning and the Commercial Representation Authority, Dr. Khaled Milad, also attended.
The participants attended presentations given by the African Development Bank on the bank’s ten-year strategy and its sectoral strategies. Higher, with a focus on private sector development and regional integration with the aim of enhancing the competitiveness and sustainability of the chemical and fertilizer industries in Egypt.
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