New decree differentiaites between imports- Creative Commons via Wikimedia
CAIRO – 4 June 2017: The General Organization for Export and Import Control will be responsible for importers’ records as per a new decree issued on Saturday, Minister of Industry Tarek Kabil said.
Kabil said the decree activates the Importers’ Record Law no. 7/2017, which was issued in March and differentiates between importers who import products for the purpose of trading, and others who import for the purpose of producing other products and services.
“The law targets limiting the entry of low-quality imported products to the Egyptian market, which could harm the health of citizens,” Kabil said, adding that it encourages investments in the Egyptian industry and protects from unfair competition with imported products.
The new decree changed the conditions of registering companies that are allowed to import, including raising the minimum capital from LE 10,000 ($555) to no less than LE 500,000 ($27,000) for normal companies, LE 15,000 to LE 2 million for limited companies and not less than LE 5 million for shareholding companies.
Tightening the monitoring measures for imports and exports, Kabil issued a decree last week to implement the electronic link between relevant authorities, cut the number of needed documents and ensure their effectiveness to reduce the trade cost.
Egypt’s trade deficit declined by 48 percent in the first four months of 2017, standing at $8.5 billion, compared to $16.2 billion in the same period last year, according to ministry figures.
The decline is attributed to a 14 percent hike in exports in that period, standing at $7.43 billion, up from $6.54 billion in the same period in 2016. Meanwhile, imports declined 30 percent, to record $15.9 billion, less than $22.7 billion registered in the corresponding period last year.
Leave a Comment