Promising initiative underway to stimulate Egyptian industry

Daily News Egypt
2 Min Read

Minister of Trade and Industry Nevine Gamea has met with Minister of Finance Mohamed Maait, to review the incentive measures set to facilitate industrial investment, under the national initiative to stimulate the industrial sector. 

The initiative comes within the framework of President Abdel Fattah Al-Sisi’s directives to develop the industrial sector with the aim of increasing its contribution to the national economy, meeting the needs of the local market, providing decent job opportunities for young people, and increasing the competitiveness of the Egyptian product in the local and international markets.

Gamea added that there is consensus between the Ministries of Trade and Industry, and Finance regarding the measures set by the Industry Stimulation Committee to support the national industry, which will be implemented in cooperation with the relevant ministries and government agencies.

She explained that it was agreed during the meeting to form a working group to study ways to implement the agreed upon procedures within the framework of the initiative. The working group includes representatives from the Egyptian Tax Authority, the Real Estate Taxation Authority, the Industrial Development Authority, the Industrial Modernization Center, the Export Development Fund, MSMEDA, among others.

Gamea pointed out that the working group will study the Ministry of Finance’s suggestions to amend some regulations and laws governing industrial activities, with the aim of encouraging new industrial investments and transferring technology, in addition to supporting export. The amendments also include facilitating transportation and shipping operations for industrial products and integrating SMEs into the formal economy.

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