The decision is aimed at supporting local producers and exporters as inflation rates and energy prices rise
Minister of Trade and Industry, Nevine Gamea, issued 2 ministerial decrees on Sunday, cancelling current safeguard measures for import duties on certain metal products.
Gamea announced that the ministry will be terminating support on import duties on iron billets, steel rebar, and aluminum products, effective as of the following day of the publication date of the two decrees in the Official Gazette.
The decision is aimed at supporting local producers and exporters as inflation rates and energy prices rise, along with prices of production materials and inputs, which negatively affected Egyptian production and export sectors.
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Earlier this month, Gamea revealed that its immediate disbursement of export subsidies initiative issued over 720 certificates to over 700 exporting companies worth EGP 1.788 billion, while the Suez Canal Authority announced that it will increase toll fees for vessels transiting through the canal by 6%, which will begin in February 2022 after it recorded its highest monthly tonnage in its history.
Overall value of industrial production grew by 7.1% to EGP 333.5 billion in Q2 2020, up from EGP 313.2 billion in Q2 2020.