Al-Makarim: We developed a plan to increase the sector’s exports to Africa and presented it to the “industry”
I wrote- :
The Chemical Industries Export Council revealed that the African market accounted for 23% of the total exports, at a value of $1.2 billion, during 2020, and is one of the most important markets that the Council focuses on to increase its exports.
Khaled Abu Al-Makarem, Chairman of the Export Council for Chemical Industries and Fertilizers, said that there is a great development in the chemical industries sector, especially for African countries, pointing out that the sector places hopes on the new program of export support in light of the entry of new items that did not receive support before.
Abu Al-Makarem indicated to the Stock Exchange that the African market is one of the most important markets targeted by the council and is the first resort for the sector this year.
He added, “We have developed a comprehensive plan for the countries targeted by the council in Africa, and it has been presented to the Ministry of Trade and Industry, and we have started implementation, and its results will appear in the export figures this year.”
Manar Nasr, Executive Director of the Council, said that the Council has developed an executive plan to access the African market, through which the challenges facing access to this market are overcome, foremost of which is strengthening trade relations and providing access to the most traded products in the market.
This came during an introductory seminar on the Mansa platform, which was organized in cooperation with the Central Bank, the African Import and Export Bank and the Export Council for Chemical Industries and Fertilizers, headed by Khaled Abu Al-Makarem, under the title (Platform for Due Verification of Customers in Africa).
The symposium highlighted the importance of educating the companies who are members of the Council and exporting to Africa about how to take advantage of the Mensa platform in promoting their products and reaching their African buying partners to enhance trade between Egypt and Africa.
This platform aims to provide detailed data to know customers in Africa through due diligence and provide information and data for trade and the investment environment in Africa, as well as self-qualification of participants and auditing information related to them while providing a single window for access to the bodies responsible for investment in the African continent.
Nasr pointed out that the problem of lack of information faces many investors wishing to enter the African market, so a regulatory portal has been established with regard to laws and legislation.
For her part, Maureen Vika, director of the Mansa Initiative at the African Export-Import Bank, said that the initiative targets councils and other entities such as chambers of industry and commerce, to ensure that the list of companies registered with them is real and not fake.
FICA revealed a strategic plan for the bank during 2022 that aims to support the economies of African countries by pushing and supporting intra-African trade and encouraging an increase in the added value of products exported by African countries.
She pointed out that more than 70% of African countries’ exports are raw materials, and that Egypt is a success story that should be congratulated on it in the field of manufacturing industries.
She emphasized the Bank’s Afrischem goal in boosting intra-African trade, noting that it is very weak, and that Mansa will have a general role in this regard by providing focused information on Africa and helping to reach African markets.
The African Export-Import Bank has established a special platform under the name “Mansa” for the due verification of “know your customer” customers with a special focus on African financial institutions and companies.
The platform provides the data required in order to verify clients’ counterparts in Africa and enables African financial institutions and institutional entities to meet the aspirations of clients and trading partners while ensuring compliance with regulations, ensuring the availability of due diligence information from clients that will eliminate clients’ self-assessment and mitigate potential risks of trading with counterparties Africans.
The article, $1.2 billion in chemical and fertilizer exports to Africa in 2020, was written in Al Borsa newspaper.