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Egypt exports $12.3bn goods under QIZ protocol in 14 yrs

Egypt exports $12.3bn goods under QIZ protocol in 14 yrs
The volume of exports by foreign companies in Egypt reached $313 million in 2019

Cairo – Mubasher: Egypt exported $12.3 billion worth of products since the introduction of the Qualified Industrial Zone (QIZ) protocol in 2005 to the end of 2019, the minister of planning and economic development Hala El-Saeed said in a statement on Monday.

Over the 14-year period, the number of US companies investing in Egypt reached 49, El-Saeed added, noting that the total volume of exports by foreign companies in Egypt amounted to $313 million in 2019.

Foreign companies with local partners exported $91 million worth of goods in 2019, creating thousands of jobs, she pointed out.

Under the QIZ protocol, goods manufactured in certain areas enjoy tariff-free access to the US under certain conditions.  

The most populous Arab nation came in the 12th spot among ready-made garment and textile exporters to the US market in 2019 with $1 billion, including $987 million under the QIZ protocol, head of the QIZ unit at the Ministry of Trade and Industry, Ashraf El-Rabiey, said.

In addition, the minister of public enterprise sector Hisham Tawfik said that a total of EGP 21 billion has been allocated to develop the garment dyeing industry in Egypt.