Egypt News

Egypt Trade Minister Rachid Mohamed Rachid

Mr Rachid said that "Because the number of licenses that have been issued in 2008 was based on certain projections of our growth. It is very clear from the year 2009 that we are exceeding the level of growth."

He said that the projection for cement demand growth for 2009 was 10% but demand for cement was currently growing 25% to 30% in 2009. If growth above 10% continued, definitely we will have to issue new licences 2010.

Rising local demand for cement had prompted the ministry to extend a ban on cement exports first introduced in April until October 2010. Housing demand in Egypt remains buoyant even as hundreds of billions of dollars worth of construction projects have been put on hold elsewhere in the Middle East since the global financial crisis curbed property investment.

Mr Rachid said that Egypt had no plans to review the level of licensing despite rising imports, particularly from Turkey. He said that "So far we don't have a problem with capacity. So I don't think at the moment there is any need for us to review the level of licensing."

He said that "Every now and then we hear some complaints about dumping. Of course Egypt will take action against any country, any company that is dumping products into Egypt.” He added that if we have enough proof that this is happening we will take measures. But until now we don't have that case yet."

Egypt's Ezz Steel forecasted in June that Egypt would import 3 million tonnes of steel products in 2009, 2.5 million of which would be steel rebars and 500,000 tonnes flat steel. The firm said that Turkey was the sole supplier of steel rebar imports.

EGYPT NEWS

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