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Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Gold Division Calls on Gover't to Remove Obstacles Faced by Gold Industry


Thu 04 Jul 2024 | 02:44 PM
Gold- File Photo
Gold- File Photo
Nada Mustafa- Walid Farouk

Ehab Wasef, President of the Gold, Jewelry, and Precious Metals Division, stated that the recent ministerial changes reflect a response to Egyptians' aspirations to improve and elevate economic performance by focusing on the development and growth of the industrial sector.

This includes separating the foreign trade portfolio from industry, which underscores the government's strategy to support the export sector in the upcoming period as the main defense against economic shocks. 

Additionally, the appointment of a Deputy Prime Minister specializing in industrial affairs highlights the government's intention to eliminate the bureaucracy and investment obstacles faced by manufacturers.

Wasef emphasized that the selection of Kamal Al-Wazir as Deputy Prime Minister for Industrial Development and Minister of Transport and Industry will bring a significant improvement to the industrial sector's performance, similar to the advancements seen during his tenure as Minister of Transport. This is due to his possession of the necessary skills and expertise needed in the industry, especially in the localization of local industries.

He achieved remarkable success in this area while serving as Minister of Transport through the implementation of several projects that localized the transport industry, thereby reducing the import bill for production inputs and parts.

Wasef called on the new minister to remove investment obstacles facing the gold manufacturing sector in Egypt to open promising prospects for exporting Egyptian gold artifacts abroad and increase the state's dollar revenues as part of its strategy to achieve $145 billion in exports by 2024. This is in light of Egypt's immense capabilities and potential, which position it among the top 30 gold artifact exporting countries globally.

Wasef praised the appointment of Sherif Farouk, former President of the Postal Authority, as Minister of Supply and Internal Trade, hoping that the new minister will continue to enhance and develop the gold trade in Egypt, move towards its digitization, and improve the hallmarking processes to increase the competitiveness of Egyptian gold artifacts in global markets and boost export activities.