Ministry of Economy: Supporting and Developing the National Product is a Strategic Priority and a Cornerstone of the Government's Agenda

SadaNews - The Ministry of National Economy confirmed today, Saturday, that supporting and developing the Palestinian product is a strategic priority and a fundamental pillar of the government's agenda to advance the national economy and enhance its ability to withstand current challenges.

This statement came on the occasion of the National Palestinian Product Day, which is celebrated on the first of November each year, embodying pride in the national product and enhancing its presence in both local and international markets, while reinforcing the culture of self-reliance as one of the pillars of economic and social resilience.

The ministry clarified that the ongoing Israeli aggression against Palestine and the extensive destruction it has caused to infrastructure and the erosion of productive sectors increases the importance of supporting the local product as a national pathway to revive the economy and achieve gradual self-sufficiency.

Data from the Palestinian Statistics Bureau shows that the occupation has destroyed more than 85% of the infrastructure in the Gaza Strip, leading to the collapse of most economic activities and a decline in overall production by nearly 25%.

The ministry indicated that the productive sectors have experienced unprecedented decline, with agricultural and fishing activities dropping by 30%, and manufacturing, water and electricity sectors by 33%. Meanwhile, the construction sector saw a decline of 57%, while service activities fell by 27%.

In this context, the Ministry of National Economy emphasizes that increasing the share of the national product in the local market and opening new export markets represent a national priority. Raising the market share of the national product by 2% annually could achieve an estimated increase in industrial production worth $100 million, create around 5,000 new job opportunities, and contribute to reducing the trade deficit by 3.6%.

It also pointed out that supporting the national product contributes to replacing imports valued at up to $715 million annually, thus enhancing the resilience of national establishments, especially small, medium, and micro enterprises, which are the backbone of the Palestinian economy.

In the context of empowering these establishments, the ministry continued to implement the national strategy for small, medium, and micro projects, aimed at stimulating growth, encouraging entrepreneurship, and improving access to funding and regional and international markets.

The ministry highlighted some of the key achievements during a series of essential reforms and initiatives to support the business environment, including: establishing the Economic Advisory Council to expand partnership with the private sector, launching a unified electronic registration system for companies (Business Gateway), launching the "Bihammina" portal to receive and follow up on citizen complaints, preparing the national strategy for small and medium enterprises, approving the competition and e-commerce laws, and soon the Investment Promotion Authority law, developing the trade quota system to ensure fairness in distribution, strengthening trade cooperation with Turkey, Mercosur countries, Russia, and Jordan, launching the "E-Souq" platform to support and market women's industrial and home products, and completing the establishment of the Indian-Palestinian Center for Women's Empowerment "Tarathi".

The ministry stressed that supporting the national product is a national and economic commitment in the face of current challenges, particularly the repercussions of Israeli aggression on the national economy, emphasizing that the Palestinian product is a symbol of resilience and the advancement of our economy.