The head of the General Federation of Egyptian Chambers of Commerce, Engineer Ibrahim El-Araby, considered that “It is natural that local markets are affected by the conflict between Russia and Ukraine, however, the development of the performance and growth of the national economy, which depended on an economic reform plan launched by President Abdel Fattah El-Sisi, made the Egyptian economy more robust and stable in the face of all the changes facing the global economy.”
El-Araby stressed that "The success of the economic reform plan contributed to reducing the volume of commodity imports from abroad, which made the Egyptian economy more independent and strong in the face of any global inflationary waves or economic shocks." He pointed out that "The resilience of the local economy during the waves of Corona and the stability and availability of goods was the greatest example of the strength and stability of the Egyptian economy."
He stressed that “The strategic reserve of wheat is safe. It also constitutes the multiplicity of origin of imported strategic goods, in combination with the two projects of reclamation of new lands and the development of silos, makes local markets more stable in the face of global economic shocks.”
On the reality of the global trade movement, El-Araby stressed that "The situation is currently foggy, especially with the escalation of international statements and reactions about the escalation of the military conflict between Russia on the one hand and Ukraine and its NATO allies on the other."
Source (FEDCOC website, Edited)
