Trade Ministry works on facilitating import documentary credits for raw materials, spare parts

Newspaper Title: https://dailynewsegypt.com/

Newspaper Number:

Tuesday - 23 August 2022

Egypt’s Prime Minister Mostafa Madbouly met on Wednesday Minister of Trade and Industry Ahmed Samir to discuss the ministry’s strategy and urgent files.

At the beginning of the meeting, the Prime Minister highlighted the attention that President Abdel Fattah Al-Sisi attaches to the industrial sector.

Madbouly stated: “The state exerted great efforts over the past period to support the industrial sector, despite successive global challenges of COVID-19 and the Russian-Ukrainian crisis. These efforts included the implementation of many procedures and incentives that would push this vital sector to broader horizons, including initiative to subsidise exports.”

Madbouly noted that the total export subsidies amounted to approximately EGP 33bn.

“The Cabinet agreed, during its last meeting, to begin implementing the fifth phase of the lump-sum payment initiative of export subsidy dues, up to EGP 10bn.”

The Prime Minister pointed out that the state has also taken many important measures to provide industrial lands to manufacturers.

He revealed that despite the current global challenges, as well as crises related to energy, Egypt has many promising investment opportunities in the industrial sector. Moreover, the Egyptian government is ready to provide more incentives, especially in strategic industries, saying, “We will provide the Golden Licence to factories that put exporting on their priority agenda.”

For his part, Minister of Trade and Industry Ahmed Samir discussed the vision of the Ministry during the coming period, especially with regard to the legislative aspect, as well as the financial and tax policies.

Samir elaborated that various legislations will be reconsidered, in an effort to provide more facilities for this important sector, especially with regard to provision of industrial lands, and rehabilitation and management of new industrial zones in line with international standards and standards in this regard.

He disclosed that a set of measures are underway that will expedite the issuance of documentary credits necessary for importing raw materials and spare parts, in addition to facilitating finance from the banking sector.