04/07/2004
Al-Alam Alyom Newspaper 2004/JULY /04
The Ministry of Foreign Trade recently offered a new mechanism for marketing Egyptian products and commodities within the African markets, known as “Spot Goods”. In using this mechanism, the exporter receives between 50 and 80% of the value of the exported goods from the funding banks immediately upon delivery to the examination and testing company at the ports. The balance of the goods’ value would be received after the products have been marketed. The Minister of Foreign Trade confirmed that this mechanism is available for implementation in Arab countries such as Jordon, Iraq, Syria, Lebanon, Yemen, and Sudan. Businessmen welcomed the initiatives of the Ministry of Foreign Trade, confirming that it is a serious step towards increasing Egyptian exports, especially considering how African markets are promising for Egyptian products. They are also markets of high risks that businessmen cannot afford to manage alone.(Available in Arabic – German in PDF )
The Ministry of Foreign Trade recently offered a new mechanism for marketing Egyptian products and commodities within the African markets, known as “Spot Goods”. In using this mechanism, the exporter receives between 50 and 80% of the value of the exported goods from the funding banks immediately upon delivery to the examination and testing company at the ports. The balance of the goods’ value would be received after the products have been marketed. The Minister of Foreign Trade confirmed that this mechanism is available for implementation in Arab countries such as Jordon, Iraq, Syria, Lebanon, Yemen, and Sudan. Businessmen welcomed the initiatives of the Ministry of Foreign Trade, confirming that it is a serious step towards increasing Egyptian exports, especially considering how African markets are promising for Egyptian products. They are also markets of high risks that businessmen cannot afford to manage alone. Dr. Mahmoud Soliman, Chairman the 10th of Ramadan Investors’ Association, believes that the “Spot Goods” system is a positive step taken by the Ministry of Foreign Trade towards marketing Egyptian products in the markets of various African countries. This will eliminate the largest obstacle currently facing economic development, which is the process of marketing and finding an alternative opportunity. He indicated that the initiative pushes the wheels of development in different economic activities, through the availability of large export opportunities in different industries. This will lead to revitalizing the industrial capabilities that are idle because of market stagnation. It will lead to the operation of existing factories to full productive capacity to achieve mass production, reduce the final cost of products, and achieve competitiveness through pricing in the marketing process. This will guarantee that our Egyptian industries will survive in new markets, and will acquire the ability to look forward to the future in other promising markets. This is a result of the experiences that will impact industry and lead exports to steer in the right direction.