The Importers Division at the Cairo Chamber of Commerce has warned of the catastrophic danger of the continued cargo accumulation in Egyptian ports.
Head of the Importers Division at the Cairo Chamber of Commerce Emad Qenawy said that there are many factories that halted all operations due to lack of production components, while others are operating at 50% or 30% capacity in order to preserve employment as much as possible.
Last August, the Ministry of Finance announced facilitating the release of imports at ports. Minister of Finance Mohamed Maait said that importers who completed all customs procedures, with the exception of Customs Form 4, will be able to release their goods.
Maait added that the collection of customs fines will be stopped from those who are late in completing release procedures due to documents required from relevant authorities, while reducing storage burden and fines.
Qenawy explained that the continuous increase in exchange rate of the US dollar against Egyptian pound, the suspension of financing initiatives, and the increase in interest on deposits deepened the crisis. However, he appreciated the government’s efforts to solve the crisis.
