The exports of the Food Industries Holding Company (FIHC) increased last year by 145%.
Alaa Fahmy, chairperson of FIHC, said that the company’s exports in the fiscal year 2016/2017 amounted to EGP 1.080bn, compared to EGP 440m during the previous fiscal year 2015/2016.
He attributed the increase in exports to two main factors: the company’s expansion in export markets and the invasion of new countries during the last fiscal year, as well as the liberalisation of the exchange rate, leading to an increase in the value of exports.
He explained that the liberalisation of the exchange rate contributed to exceeding the target for the last fiscal year and estimated in July 2016 by EGP 540m, through 43 companies in various sectors, including detergents, sugar, juices, jam, and some vegetables and food.
He pointed out that the company seeks to attribute a number of new markets during the current fiscal year through participating in state exhibitions and identifying new customers. He pointed out that the main countries importing the products of the company are America, Gulf Arab countries, Turkey, and some EU countries. The company seeks to penetrate new markets in East Asia and Russia.
He explained that the sugar company, for example, is working to export brown sugar to a number of African countries, including Uganda, Kenya, and Senegal, while directing the production of the company to America, France, and the Gulf countries.
Fahmy added that the company owns about 1,167 outlets belonging to the consumer complexes across the Republic, which offers products at discounted prices to balance the prices, and the company is constantly developing these outlets.