The program is part of the ministry’s strategy to double exports and bring in around $100 billion annually
The Ministry of Trade and Industry has announced the approval of a new program for repaying export burdens, which is set to begin next July for a period of 3 years.
According to Minister of Trade, Nevine Gamea, the program is part of the ministry’s strategy to double exports and bring in around $100 billion annually, as well as boosting exports to foreign markets as a main source of foreign currency for the Egyptian economy.
The program also aims to raise employment rates in various industries to absorb the shock caused by the pandemic which led to the suspension of certain economic activities, she added.
For the first time, the program will include, the introduction of new industries to the list of sectors benefiting from export support.
This is part of the Export Development Fund’s Board of Directors approval of a sectoral program to support exports of vehicles for a period of 7 years, and a program to support ceramic exports.
This includes the inclusion of a new group of products to the support program including medicines, industries feeding electronic and electrical devices, production lines, molds, and some items in the chemical sectors.
The minister said that the new program was prepared in coordination and cooperation with the industrial sector, export councils and all relevant ministries and government agencies.
According to Gamea, the new program has several pillar, with one focusing on repaying export burdens and to further develop Upper Egypt, city of Al-Rubiki and the city of Damietta, alongside other border cities.
Damietta’s exporting furniture companies were granted an additional 50 percent of basic support ratio, said the minister.
The other pillars include supporting projects in the economic zone of the Suez Canal, boosting access to African and other markets, transport support including air cargo and transport support programs, and aiming to increase exporters through providing an additional percentage of support over the increase in exports.
The final pillar includes granting an additional 2 percent for exports bearing an Egyptian brand.
Currently, exports to African markets were granted an additional 50 perccent boost in subsidies for exports and subsidized up to 80 percent of shipping fees.
