Mobile Phone Imports Cut by 99.9% Amidst Local Production Boost
This reduction is part of Egypt’s industrial localization drive to drive down foreign currency pressure.
Egypt’s mobile phone import bill dropped by 99.9%, down from USD 1.6 billion in 2021 to USD 1.65 million in the first half of 2024. This reduction is the result of the country’s concerted push to localize mobile phone production, with eight new factories established in Egypt.
According to an announcement by the Mobile Phone Division at the Cairo Chamber of Commerce, this surge in domestic manufacturing is a key factor in reducing Egypt's dependency on foreign imports.
The government’s push for industrial localization is part of a broader strategy to reduce the country’s import bill and conserve foreign currency reserves. By producing more locally, Egypt aims to lower its trade deficit and create more jobs, contributing to economic growth. However, the Mobile Phone Division at the Cairo Chamber of Commerce noted concerns about the impact of new fees on imported mobile phones, which may affect traders and consumers. There are also concerns about devices purchased abroad and not yet activated, which could face issues if new regulations are introduced.
- Previous Article Taylor Swift’s ‘Eras Tour’ Merch is Made in Egypt
- Next Article Pompeii’s Temple of Isis is Where Romans Worshipped the Egyptian Deity
Related Articles
Trending This Week
SceneNow TV
Events Calendar
