Egypt wants to more than double its oil and gas exports to 200 billion Egyptian pounds ($36.1 billion) annually over the next four years from about EGP95 billion now, the country's trade minister said Wednesday.
"This is one of the most important and vital sectors that will drive growth for many years to come," Rachid Mohamed Rachid told delegates at a Euromoney Egypt conference in Cairo. "We have doubled it (oil and gas exports) over the past four years and we want to double it again."
Rachid said the rise in exports will help create as much as 200,000 new jobs and could lead to EGP60 billion in new investment.
Egypt is Africa's fifth-largest oil producer. According to the BP Statistical Review of World Energy, the North African nation pumped 722,000 barrels a day of oil in 2008, while gas production for the year stood at 58.9 billion cubic meters.
Rachid also said Egypt wants to boost its investment in internal trade to EGP25 billion a year, from about EGP2.4 billion currently over the next five years.
"It (internal trade) does have a direct link to the efficiency of all sectors," he said. "It will help reduce inefficiencies in the likes of logistics."
In terms of external trade, Rachid identified opportunities for Egypt in Asia and in India. He said Egypt continues to pursue a free trade agreement with Russia.