Gatjed launches as a gateway to Egypt
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“Our project is trying to enhance Egyptian industry by serving manufacturers operating in different sectors including textiles, fashion, heavy machinery and equipment,” Founder and CEO of Gatsub, the owner of gatjed.com, Ahmed Rasekh told Egypt Today.
gatjed also offers a service called “iConnect” through which manufacturers seeking certain industrial components can send an inquiry online to find potential suppliers, Rasekh explained. “They can get a sample and make an order. Even if that service reduces imports by one percent, it is still a huge amount of money,” Rasekh explained.
Gatjed’s goal is to boost the sales and distribution of Egyptian products locally and globally, reducing the import rate of industrial components as well as digitizing the trade and distribution processes by bringing the demand and supply into one online marketplace.
The platform focuses on solving two major problems that hinder Egyptian products from selling more locally and globally: limited global access to Egyptian manufactured products and poor awareness of the quality and diversity of local products as well as the capabilities of the Egyptian manufacturers.
“Egypt has a large and diversified industrial sector that is totally capable of replacing imported products. That sector can directly contribute to the reduction of both the trade deficit and outflow of foreign currency,” Rasekh added.
As for how the deals can be closed, Rasekh explained, “It depends on every single deal. There are standard payment methods globally such as the issuance of letters of credit that ensure the buyer’s products are shipped and that the manufacturer receives the payment. We will ensure that the relationship between the buyer and the seller is on the right track.”
“Advanced payments can only be done locally, but no exporters of Egyptian materials or equipment will be paying in advance for products they did not see, test or check at the manufacturer’s facility. In very rare cases, it can happen by bringing in buyers involved in big deals to visit the manufacturer’s facility, inspect it, take samples of the products and maybe make a down payment,” Rasekh added.
The platform has identified numerous products that have high export potential. “We have conducted a very robust market research that covered Egypt, some countries in the Middle East, and others in Africa as we will start by targeting those markets. It was all positive because those countries trust our textile products, and our fast fashion products such as bags and women’s accessories. Egypt came on top as an exporter of those products, so that is a good sign to sell those products,” Rasekh said, adding he is “confident that there are plenty of manufacturers who produce other types of products and who were not able to receive proper attention to sell their products more.”
Clarifying what has been achieved since the foundation of Gatsub in September 2018, Rasekh said that contracts were signed successfully with around 100 manufacturers and designers. “We still have a long way to go, as there are 42,000 licensed manufacturers in Egypt in addition to other small businesses that are still striving. It is our responsibility to help small businesses grow and increase the chances of the larger ones,” Rasekh added.
“We have a competitive edge. We will be the gateway for any Egyptian manufactured product. If a consumer or a manufacturer seeks an Egyptian product we will be the number one choice for them,” Rasekh said.
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