Egypt has been working on developing its production and export sector to reach its goal of $100 billion in exports
Since October 2019, the Export Development Fund has launched several initiatives to reimburse export fees, distributing EGP 42.5 billion to 2,500 companies to support exports, revealed Finance Minister Mohamed Maait in an official statement.
These initiatives have provided exporters with the necessary cash liquidity to ensure the continuous cycle of the economy and enable exporters to fulfill their obligations, leading to increasing the country’s productive capabilities, expanding the export base, and enhancing the competitive strength of Egyptian products in global markets, Maait added.
Egypt has been working on developing its production and export sector to reach its goal of $100 billion in exports.
Egypt has various investment opportunities in promising sectors, including renewable energy, green hydrogen, and manufacturing industries, and is based on a strong and developed infrastructure, capable of absorbing investment expansions and productivity, the finance minister pointed out.
Maait also affirmed that the country has the political will that stimulates investment, making it an attractive country for production and re-export, particularly to Africa, due to its strategic geographical location and development projects.
“Despite the severity of the repercussions of the global economic crises; We are continuing to maintain the stability of tax policies, in a way that stimulates investment,” he stated, announcing the launch of the Egyptian tax policy document for the next five years during the coming period.
He pointed out that the recent amendments to the customs tariff include reducing the import tax on more than 150 items of production requirements and inputs to stimulate the national industry.
