The Authority advises the exporters to prepare a comprehensive study on the product in the countries to which they are exported
The Export Development Authority of the Ministry of Trade and Industry reviewed export strategies to African countries with furniture companies in Damietta, during the workshop organized by the authority, in cooperation with the International Islamic Trade Finance Corporation, within the framework of completing the implementation of Egypt’s program for the Arab-African Trade Bridges program.
The workshop discussed export risks to the African market and mechanisms to guarantee the value of exports, as well as the best marketing methods and achieving the maximum export strategy from exporting to the African continent.
Omar El-Shenawy, a foreign trade consultant at The United Bank, said that the exporting companies said that South Africa, Mauritius, Cote d’Ivoire and Senegal are among the best countries to have a secure banking system in Africa.
In his speech during the workshop, the exporters called for the necessity to ensure that there is a precedent for importers and their commitment to payment, as well as to stay away from areas where the export risks are high.
He stated that the African Bank for Import and Export guarantees documentary credits from 50 African countries, and companies should request the enhancement of documentary credit from African banks through the bank.
He continued, “As for the bank’s apology for guaranteeing the credit, then it is better to cancel the export process, because this bank does not reject the guarantee except in the event that the importer faces bad transactions and fails to pay.”
The foreign trade consultant at The United Bank called on the exporting companies to insure the non-collection of the value of exports from African countries.
During the workshop, representatives of the Export Development Authority called on the exporting companies to be fully aware of the countries to which they are exported, as well as studying the market for the product being exported and the competing countries and the prices for supplying their products.
He stressed the need to know that information through consulting companies in the countries to which exports are made, to be collected from the ground.
The Export Development Authority said that “online” exhibitions and trade missions are among the tools that it expanded in conjunction with the Coronavirus pandemic, but it did not achieve the required success because it is still in the beginning.
She indicated that it is possible to rely on these “online” meetings to filter the list of companies willing to cooperate with each other to reduce the cost of travel.
Nevin Jama, Minister of Trade and Industry, said in a statement yesterday that the workshop comes within the framework of the political leadership’s interest in supporting the furniture industry and directing to open export horizons to the African and Arab geographical surroundings.
She added that these steps support investment opportunities for the city of Damietta, enhance the industrial character of the furniture industry in it, and provide more direct and indirect job opportunities for the Prime Time Zone of the governorate.
Jameh stressed the importance of the Arab-African Trade Bridges program in enhancing the capabilities of the current exporters, creating a generation of exporters, encouraging the development of new export products in the current markets and opening new markets, especially in the countries of the African continent.
Hany Sonbol, CEO of the International Islamic Trade Finance Corporation, said that this program comes within the framework of the institution’s strategy for financing trade, which aims to enhance foreign trade, exports and activities related to capacity building, in addition to achieving the goal of the Arab-African Trade Bridges Program, which focuses on supporting and increasing member states. Trade and investment flows to African and Arab markets.
The article “Export Development” reviews export strategies to Africa with Damietta Furniture Factories, it was written in Al Borsa newspaper.