The Minister of Trade and Industry Rachid Mohamed Rachid has decided to impose preventive temporary measures on imported cold-rolled, galvanized or painted tin sheets. Such measures amount to 10% of the CIF value of these panels or, at the arrival port, not less than $150 a ton for cold-rolled tin, not less than $200 for a ton of painted tin and not less than $250 for tin which is varnished or covered with plastics. In a meeting with the Alexandria Businessmen's Association on Thursday, he said the Federation of Egyptian Industries had filed a complaint to the dumping authority about the importation of foreign products at less than their real cost. He also pointed out that the authority had studied the complaint and ascertained it was serious, as the sale price stands at LE 3,462 a ton for imported products and LE 3,775 a ton for local products, while rolled tin imports have inexplicably risen by 703%. The minister said the Internal Trade Development Authority had finished negotiating with two groups of Arab major investment companies to inject some $2 billion in investments in domestic trade to set up 40 new small and medium markets in some governorates as well as distribution or storage outlets. He also added that both groups had already visited the governorates of Gharbia and Dakahlia to inspect the lands available there and start injecting these investments. He then went on to say that the ministry has been following up on the latest developments in concrete prices on the local markets, adding these prices are continuing to rise. He also pointed out that the ministry is studying a few mechanisms to control these prices. Rachid went on to say that the expected growth rate during the third quarter of the current fiscal year (2008/2009) would be less than the growth achieved in the second quarter (4%). Regarding the complaints about blankets imported from Jordan and other Arab countries – although they are made in China – in local markets, the minister said he welcomes any complaints and affirmed they would be studied. He also said there is a hot line with the Jordanian Ministry of Trade to solve any dispute in this regard. The minister then talked about the participation of Egyptian companies in the rebuilding of the Gaza Strip. He said an agreement has been struck with the export-oriented council for construction and contracting to let the council become a point of connection in this respect. However, he said there are some problems, concerning financing and security measures, hampering the start of the implementation. Regarding the delay in paying the increased export support (50%) and the subsidy for shipments for the markets in Russia, China and Kazakhstan, the minister said a law has to be enacted by the People's Assembly for these measures to be applied. He then added that the Economical Affairs Committee is expected to finish the drafting of the law over the next few days and that these measures would be retroactive and stretch until last December. Rachid also said that the state would not make any investments in biofuel for the time being after oil prices fell to $40 a barrel. He also explained that by the end of this month, an unprecedented agreement would be signed with China. According to it, the Chinese government would have to introduce the necessary regulations to prevent any products from arriving in Egypt unless they conform to specifications, something that would have to be ascertained through searching in Chinese ports.
