EGYPT PAINT INDUSTRY EXPANDS, DESPITE WEAK CURRENCY IN INFLATING IMPORTED INPUT COSTS
March 1st, 2019
THE EGYPTIAN economy is still struggling to overcome the problem of low hard currency reserves, a challenge that has negatively affected the local paints and coatings industry due its high dependence on imports.
“There has been a crisis in terms of availability of US dollars to purchase raw materials and most of the raw materials are imported,” said Himanshu Vasisht, project lead for energy and chemicals at India-based market researcher Mordor Intelligence. His company estimates that up to 55% of the raw materials needed by Egypt’s paints and coatings ...
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