Egypt showcases ambition, heritage at National Day Celebration in Expo Osaka    EGP inches lower against USD at Wednesday's close    Remittances from Egyptians abroad surge 70% YoY in July–May: CBE    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    Egypt's current account gap narrows, but overall BoP records deficit    Egypt hosts international neurosurgery conference to drive medical innovation    World Bank proposes Egypt join new global health initiative    Egypt, India discuss expanding industrial, investment partnerships    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Egypt welcomes 25-nation statement urging end to Gaza war    Egypt, Senegal sign pharma MoU to unify regulatory standards    Famine kills more Gaza children as Israel tightens siege amid global outrage    Kuwait's Crown Prince, Egyptian minister discuss strengthening cooperation    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Egypt's FM seeks deeper economic, security ties on five-nation West Africa tour    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt foils terrorist plot, kills two militants linked to Hasm group    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, Uruguay eager to expand trade across key sectors    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Economic Committee to adjust imports, restructure public sector companies
We will encourage the purchase of domestic products and increase production of maize to curb imports, says cabinet spokesperson
Published in Daily News Egypt on 29 - 12 - 2015

The Ministerial Economic Committee made decisions to limit imports by encouraging domestic products and move towards the restructuring and development of the public sector, during its meeting on Monday.
"Priority will be given to the purchase of domestic products at the expense of imported ones," cabinet spokesperson Hossam El-Kawish said. The government will introduce measures to encourage purchasing local products in coordination with the relevant parties.
The meeting was chaired by Prime Minister Sherif Ismail and attended by the Governor of the Central Bank of Egypt (CBE), as well as the Ministers of Planning, Housing, Electricity, Supply and Internal Trade, Finance, Investment, Transport, Agriculture, Petroleum, Trade, and Industry.
El-Kawish said encouraging domestic products will help limit imports, which will improve the foreign exchange situation until tourism and foreign direct investments improve.
In efforts to further cut down imports, the committee also agreed to a future plan to increase the cultivated area of maize to reduce its import; Egypt imported about $1.6bn worth of maize in 2015.
The plan, according to El-Kawish, also aims to increase the cultivated area to 1m acres instead of the 500,000 acres currently being cultivated, to produce 3.5m tonnes of corn. "In 2018, the area will be increased to 2m acres, so the overall production of maize amounts to 7m tonnes," he said.
El-Kawish said the amount of imported maize increased due to increased animal production and poultry farms, which contributed to a rising need for animal feed and raw materials compared to previous years.
The committee also agreed to sell five pieces of land owned by the Holding Company For Maritime & Land Transport, owned by the Ministry of Investment, to use the revenues in the reconstruction of the ministry's faltering companies.
Minister of Investment Ashraf Salman said the lands will be sold to contribute to the advancement of the public business sector through development and restructuring operations.
The General Assembly of the Holding Company for Maritime & Land Transport recently approved a restructuring plan for transportation and bus companies. The plan included the possibility of providing self-financing through the sale of five pieces of land owned by the company to use the revenues in implementing the restructuring plans.
The holding company's bus fleet has become outdated, and has required replacement for several years, he said. El-Kawish said the report prepared by the Ministry of Investment on the holding company shows that the replacement and renovation of the bus fleet will generate revenues and profits for the holding company's portfolio.


Clic here to read the story from its source.