Monday 10/Mar/2025 – 10:31 am
Ihab Wasef, head of the Division of the Gold and Precious Minerals in the Federation of Egyptian Industries, announced the end of the division to study the needs of the targeted markets, which will be a major focus in a strategy aimed at increasing gold exports by 15% annually until 2030.
Gold Division: The completion of studying the needs of the targeted markets to increase exports 15%
This came during the weekly report issued by DivisionAs Wasif stressed that understanding the needs of foreign markets is an essential factor in promoting exports, as this helps in directing companies and factories to meet the requirements of those markets optimally.
“Wasef” explained that the national strategy to increase exports comes within the framework of government efforts aimed at diversifying sources of income, strengthening the national economy, increasing the dollar out of exports, in addition to exploiting the advanced productive capabilities of gold factories in Egypt. Pointing out that the gold sector is one of the most promising sectors that can contribute greatly to achieving the government vision, which aims to reach Egyptian exports to 145 billion dollars by 2030.
Wasif stressed that the strategy seeks to achieve several ambitious goals, including increasing Egypt’s share in the global market for gold and golden artifacts, and creating new job opportunities in the heavy labor sector such as gold, which contributes to strengthening the state’s efforts to counter unemployment.
He also stressed that the most important goal is to increase dollar revenues from gold exports, and to enhance Egypt’s position as a regional center for the gold industry, while heading towards the establishment of a specialized city for the gold industry in Egypt.
Wasif pointed out that achieving these goals requires the concerted efforts of all concerned parties, whether governmental or private, and exceeding the challenges facing the sector, such as intense competition from other countries and bureaucratic procedures, in addition to facilitating participation in international exhibitions and finding effective programs to restore export burdens.
The head of the Gold and Minerals Division stressed that the opportunities available to the Egyptian gold sector are great, especially with the presence of a strong industrial base and distinct human capabilities, as well as the increasing government support for this sector, which enhances the prospects for achieving the ambitious goals of the strategy.
Axes of the new strategy
The strategy includes several main axes that the division is currently implementing, as it focuses on developing gold -related industries by supporting research and development in the design and manufacture of golden artifacts, in addition to providing the necessary funding for small and medium enterprises in this sector, in cooperation with government agencies such as the Small and Medium Enterprise Development Authority. The strategy also seeks to establish specialized training centers to qualify the technical and human cadres needed by the gold and jewelry industry, while searching for financing sources to support these centers.
The axes of strategy to increase gold exports
The strategy is working to diversify export markets by expanding the target markets for Egyptian gold exports, participating in international exhibitions, promoting Egyptian products abroad, and building strong trade relations with the countries importing gold, especially in Asia, Europe and the Arab countries. It also aims to simplify the procedures and reduce the bureaucracy facing exporters in the gold sector, while providing incentives and facilities to support exports, such as reducing valuation fees and providing logistical support.
In the context of promoting quality, the strategy seeks to raise the level of Egyptian gold products to meet international standards and obtain certificates required to enter global markets, as factories are currently developing their production continuously to provide products with international specifications.
