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Localization of industry is a top priority | FinMin

The localization of industry will play an important role in encouraging investors to expand activities and productivity in the country, he added

By: Business Today Egypt

Wed, Jun. 29, 2022

Localization of industry and expanding local production is a top priority in the upcoming period emphasized Minister of Finance Mohamed Maait in a Tuesday meeting with representatives of the Egyptian Manufacturers Association.

The Minister added that doing so will support economic growth and development, pointing out that the state has several stimulating initiatives for the industrial community and export sector.

Maait emphasized his eagerness to strengthen direct and effective communication with the business community to understand the community’s challenges in any tax or customs obstacles they may face, this is so that the ministry may immediately work on these challenges and facilitate procedures.

The localization of industry will play an important role in encouraging investors to expand activities and productivity in the country, he added, which aligns with the state’s efforts to support the private sector.

During the meeting, Maait directed the establishment of a permanent tax authority office within the Egyptian Manufacturers Association. The office will concentrate on investigating any tax obstacles they may have.

The minister also highlighted the new electronic mechanism that allows for the refund of value-added tax no later than a week from the date of completing the papers. Maait also added that in order to facilitate the procedures for investors during the global economic challenges, an offset will be conducted between the taxes payable on exporters and their due balance from export subsidies at the Export Development Fund.

In regards to exports, Maait stated that he would discuss with the Minister of Trade and Industry possible flexible mechanisms to recover the value of exports from affect countries.