CAIRO - 25 October 2022: The Egyptian market witnessed the exit of more than $25 billion within a month, according to the Prime Minister Mostafa Madbouli.
Madbouli elaborated that Egypt sought to limit the exit of the dollar from the Egyptian market.
Commenting on the question of experts and specialists in a session on a roadmap for the future of the industry that was held at the Egyptian Economic Conference 2022, he explained that Egypt is seeking to release all goods in the ports.
He stated that the government will agree with the Central Bank on measures to release goods at ports.
“We are fully aware of the need to solve the problem of importing documentary credits,” Madbouli stated, noting that the government speeds up the release of all production requirements in the ports.
On another note, he stated that industry is the locomotive for the development of the Egyptian economy, adding that the government developed a new mechanism for how to obtain industrial land.
The premier announced forming a committee to end all implementation of projects with foreign direct investment, besides Introducing a draft law with an exceptional incentive for investors in areas that need investment by refunding income tax within a maximum of 45 days.
“We are implementing a system for obtaining industrial licenses electronically,” Madbouli said.
The cabinet issued a direct mandate to the Industrial Development Authority to terminate factory licenses on behalf of all previous authorities, according to Madbouli.
“We are keen on ensuring competitive neutrality in the investment process,” he said, adding that the state ownership policy document that reassures investors of competitive neutrality.
Furthermore, he called on investors abroad to invest in the Egyptian market in light of creating an investment climate.
“The last measure that the state resorts to is to close an activity that is in actual production,” the prime minister stated.
The third and final day of the Egyptian Economic Conference kicked off with a session entitled,"A roadmap for developing the industrial sector: challenges and mechanisms to stimulate the sector."
The session addresses a number of axes, namely the challenges facing the industrial sector in Egypt, and the financing gap as one of the challenges facing the industrial sector. It also discusses another topic on practical mechanisms and ways to address the crisis of the financing gap and solve the problems of importers, and mechanisms to stimulate the industrial sector.
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