Egypt allocates LE 28.1B in new budget to support exporting companies: Min.

CAIRO - 11 April 2023: “Egypt has become more attractive to foreign investments with its promising and attractive opportunities, developed infrastructure capable of meeting all the needs of investment and production activities, legislative environment, tax and customs incentives, and the incentive efforts taken by the government to empower the private sector, including the state ownership policy document and the golden license,” Minister of Finance, Mohamed Maait. said.

 

Maait affirmed, during his meeting with the South Korean ambassador in Cairo today, Egypt's aspiration to increase the investments of Korean companies, in a way that contributes to maximizing Egyptian production and export capabilities, and strengthening the partnership between the two countries.

 

The investments of Korean companies are a leading model in the electronics industry in the Egyptian market, and they play a pivotal role in deepening the national industry, increasing the proportions of the technological component in the industry, and providing new job opportunities, according to Maait.

 

He pointed out that the new program to support exports is more stimulating for the production and export sectors, and LE 28.1 billion have been allocated in the new budget to support exporting companies, with the government intending, starting from the next fiscal year, to disburse export support in the same export year, in a way that helps provide the necessary cash liquidity to encourage production.

 

The Finance Minister explained that a memorandum of understanding will be signed between the Egyptian and South Korean customs authorities at the end of this month, to enhance customs cooperation and facilitate trade movement.

 

For his part, Hong Jin-wook, South Korean Ambassador to Cairo, said that Korean companies are interested in investing in Egypt, pointing out that the investments of existing companies in Egypt are a successful model for attracting more investors and Korean companies to the Egyptian market, expressing his appreciation for the efforts of the Ministry of Finance in encouraging investment and enhancing trade.