Public Businesses' Sector: Restructuring El-Nasr Export & Import aims its development
Ministry of Public Businesses’ Sector announced that during the last few months, the board of directors of El-Nasr Export & Import Company affiliating to Holding Company for Maritime & Land Transport – One of Public Businesses’ Sector Ministry Companies has changed – and supporting it with new leaders able to implement the required development and to work with the private sector thinking including the executive managing director and the non-executive chairman. A strategy for development and a work model based on two basic services which are brokerage and marketing, transportation and logistical services and redrawing the intellectual image of the company in the field of foreign trade services were laid out.
According to the statement released by the Ministry today, an executive management team who is able to implement the development and lay out new and mechanized working procedures was selected. In addition, foreign branches’ map was reviewed to include the world trade centers and to be central points to the surrounding countries.
Cadres and officials who are efficient in the field of brokerage and marketing are appointed for managing the foreign offices and forming a network of local agents in the surrounding countries and to achieve the optimal exploitation of real estate assets abroad.
Measures are currently taken to merge Misr Export & Import Company and Misr Foreign Trade Company into El-Nasr Company so that the new entity name shall be “Gosoor”.
The statement indicated that the designing of an electronic catalogue for all the Egyptian products and their inputs from raw materials required to be imported has been finished. Cooperation agreements were signed in this regard with the Federation of Chambers of Commerce, the Federation of Egyptian Industries and the General Investment Authority to provide their members with the new services and promote them.
On 17/12/2020, The company signed a contract with Agility Egypt for Navigation and Shipping Company – A company that has an international experience in the field of logistical services – for managing and operating the sector of transport and logistical services for the company for three years.
The Ministry of Public Businesses’ Sector has launched Gosoor Project in July 2019 which aims to provide an integrated system of transportation and logistical services to exporters and importers including (land and maritime transportation, custom clearing, assembly, shipping, storage and insurance).
In October, 2019, a new maritime service was launched on a regular basis through reserving spaces on international shipping lines for containers’ vessels between Egypt and East African countries through Al-Ain Al-Sokhna Port and Mombasa Port in Kenya. Exports also targeted a number of other African countries.
A specialized consultant was hired to prepare a study for determining the best countries in East Africa that are suitable to be a trade center and to be the first bridge in “Gosoor Initiative” for logistical services.
The National Navigation Company owns 13 vessels, including 12 for transporting the dry pouring and one ship for transporting containers. In addition, the company leases a number of the other vessels to face the increase in the demand volume whereas the company plays an important role in securing Egypt’s imports from the strategic commodities (such as wheat).
A lot of measures were taken to develop The National Navigation Company and restructure it to increase its ability to carry out its role in the Egyptian economy. The most important of which is capitalizing the cumulative historical indebtedness of the company within the financial restructuring plan. Such capitalization resulted in increasing the share of National Bank of Egypt and consequently adding efficiencies with financial expertise and adding the ability to have strategic planning to the board of directors.
The restructuring of the board of directors and adding new experiences in the field of navigation and transportation as well as preparing the development strategy and restructuring the company by studying points of strength and chances to expand the company’s businesses.
Making maintenance for the fleet of vessels owned by the company to be in conformity with the International Maritime Safety Standards.
The company turned to achieving profitability in 2018 whereas it managed to earn profits amounting nearly Twenty Million US Dollars. And in 2019, the profits reached nearly 17.6 Million US Dollars. This was achieved after nearly a decade of losses that reached its climax in 2013 whereas the company incurred losses nearly amounting 41 Million US Dollars as net losses.
In the light of directions and instructions issued by The political leadership to develop the Egyptian Maritime Fleet and participate actively in providing transportation services for Egypt’s Foreign Trade, a committee was constituted at Ministry of Transport with the participation of representatives from Ministry of Public Businesses’ Sector and its subsidiaries (Holding Company for Maritime and Land Transport, National Navigation Company and Martrans Company) and The Ministry of Trade and Industry to prepare a mutual study.
The committee concluded the recommendation to purchase 4 multi-purpose vessels with the capacity of 12,500 tons to be used in running two regular maritime lines, one of them to Europe (The most important trading partner for Egypt) and the second one to East Africa.
The study also recommended exchanging two dry pouring vessels with the load of 81,000 tons from the fleet of National Navigation Company.