Governor of Egypt's South Sinai discusses investment, tourism with Serbian officials    Egypt U23 coach sees reason for optimism despite Olympics exit    Egypt rolls out QR code certificates for coronavirus vaccination    Regional forces join offensive against Mozambique extremists    Many feared dead in terrorist attack in north: Iraq military    UN warns hunger is expected to rise in 23 global hotspots    Egypt reports 45 new coronavirus cases, 4 deaths on Friday    Vaccinated people can carry as much virus as others: Study    Judo: Japan's Ono loses first bout since 2015    Swimming: US star Dressel wins 3rd goal in Tokyo, sets 100m fly world record    New Chinese investments pumped into SCZone    'Cooperation with Nile Basin countries key pillar of Egypt foreign policy': Irrigation minister    Scarlett Johansson sues Disney over its streaming release of 'Black Widow'    Hatif Libya, U.S. Infinera sign deal to upgrade Libya's fibre optic network    Ethiopia asks Algeria to correct Arab League's 'misperceptions' about GERD    Russia to send delegation to Egypt in August for its mega industrial zone project    Fitch forecasts Egypt's real GDP growth of 5.5% in FY2022/23    Qatar appoints ambassadors to Egypt and Libya    Ethiopia says 2nd GERD filling 'done according to 2015 DoP' with Egypt, Sudan    Over 1600 exporters applied to obtain their arrears through cash repayment initiative's 3rd stage : Finance minister    Egypt's transport start-up SWVL preps for Nasdaq listing after merger with Queen's Gambit    Father builds exoskeleton to help wheelchair-bound son walk    Russian delegation to visit Egypt today for Sharm al-Sheikh, Hurghada security checks    Remembering Roushdy Abaza: Egyptian silver screen's first man    Russia flights to Egypt resorts of Sharm el-Sheikh, Hurghada to resume on August 9    Orange Egypt Introduces Amazon Prime Video    Tokyo Olympics: Cautious opening ceremony, shy start for Egyptians in competitions    Mallawi Museum in Upper Egypt holds recycling workshop for children during Eid Al-Adha    Egypt keen on stable tax policies to attract more investors: Finance Minister    Niagara Falls illuminated in Egyptian flag to mark 23 July Revolution anniversary    Thanaweyya Amma exams resume after Eid Al-Adha holidays    Sudan declares state of emergency as water goes beyond Merowe Dam capacity    Egypt, Japanese Olympic Committee discuss boosting sports cooperation    1 child orphaned every 12 seconds due to COVID-19-associated death: World Bank    Capital flows into EM keep recovering after March 2020 slump: Central Bank of Egypt    US emphasises AU's role in mediating Ethiopian damdispute    Ethiopia ready to resume dam talks with no legally binding agreements: Ethiopian official    Sunken city of Thônis-Heracleion in Egypt's Abu Qir bay yields new archaeological treasures    New films, concerts, and destinations for Eid Al-Adha holidays    Egypt, Oman discuss enhancing bilateral economic, investment relations    Al Ahly v Kaizer Chiefs: Cairo giants eye 10th CAF Champions League title    Etisalat Misr partners with Bassita to contribute to a Cleaner Nile    Tunisia hopes to have a UN role in resolving Egypt-Ethiopia dam dispute    Egypt denounces Ethiopia's move to start second filling of giant dam    APO Group enters new exclusive agreement with Getty Images on African press releases and images    On International Museum Day, Egypt opens two new museums at Cairo Airport    Egypt's Ahly is establishing a new stadium, expected to be 'sports complex'    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    

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

Egypt's Economic Ministerial Committee discusses measures to advance industry
New incentives will be offered for industries with high, local technological components
Published in Daily News Egypt on 22 - 06 - 2021

Egypt's Prime Minister Mostafa Madbouly chaired a meeting of the Economic Ministerial Committee, on Monday evening, to discuss a number of important files, including measures to advance industry and industrial exports.
The meeting took place in the presence of: Tarek Amer, Governor of the Central Bank of Egypt (CBE); Hala El-Said, Minister of Planning and Economic Development; Rania Al-Mashat, Minister of International Cooperation; Mohamed Maait, Minister of Finance; Hisham Tawfik, Minister of Public Enterprises Sector; Nevine Gamea, Minister of Trade and Industry; Mohamed Abdel-Wahab, CEO of the General Authority for Investment and Free Zones (GAFI); and a number of representatives from the CBE and relevant ministries.
Nader Saad, spokesperson for the cabinet, said that the meeting discussed the proposed implementation plan for the advancement of industry, and the development of industrial exports.
The plan, which features 100 measures, is set to take place at the macro level and the level of priority industrial sectors.
The measures reflect different priorities, with some to be implemented in the short term, others in the medium term, whilst others will be implemented in the long term.
Saad said that these procedures partly include a legal aspect related to encouraging investments and procedures related to the establishment of companies.
This is in addition to incentives provided by the state to stimulate the growth of investments in general during the coming period. There are also proposed incentives to support the industrial sector and industrial exports.
He added that among these measures, new incentives will be offered for industries with high and local technological components. This will, in turn, promote the industrial investment map by activating an updated electronic platform for investors to exchange information and data for various industries.
In addition to this, efforts will be put in place to provide studies and data related to each of the promising industries and opportunities.
The proposed procedures also include preparing an accurate inventory of closed factories, and preparing a report on the reasons for the halt in their activities. In addition to this, the efforts will also see the factories provided with support so they may restart, provided that other initiatives launched in this regard are first evaluated.
Saad noted that the meeting also witnessed a discussion of ways to support the industry, and a study of creating new financing incentives for exporters of targeted products in priority markets.
This will also see the terms of financing facilities eased and directing commercial representation offices in cooperation with specialised export councils to conduct market studies.
The measures also include: developing value chains in the food industries by expanding licences for establishing factories, cooling stations, and storage near farms; increasing support for the National Food Safety Authority and raising its technical competencies, which will contribute to facilitating export operations; and establishing a database of the best types of seeds.
Other proposed measures include: providing financing programmes to expand the establishment of automated and semi-automated slaughterhouses; monitoring and follow-up of free zones working in the field of leather tanning; and developing exports of components industry to encourage foreign and local companies to invest to deepen local manufacturing.
Among procedures also on the cards are: the review and simplification of the procedural and documentary cycle of customs release; completing steps taken to convert to the use of clean energy as fuel for cars; as well as enhancing industrial investment operations. This latter point relates to production activities to provide the local market needs of primary production requirements and intermediate goods.
At the same time, the ministers reviewed several proposals within the proposed plans to approve incentives to raise the competitiveness of micro, small, and medium enterprises (MSMEs). This would also provide opportunities to market the products of these projects by participating in local or international exhibitions.
The proposed procedures also include the need to develop a plan to increase and develop technical schools in Egypt. This would then transfer priority specialisations to them that correspond to the priorities outlined as part of national plans.
Madbouly said, "We will study observations and comments on the 100 procedures that were presented; in order to enable their activation and start implementation."
He added, "Upon approval, a working group will be formed in the Council of Ministers to follow up on the implementation of each procedure, and to note any obstacles or challenges in this regard, in order to speed up the intervention immediately."
Saad indicated that during the meeting, Egypt's accession to membership with the African Finance Corporation (AFC) has been approved.
The AFC works to promote economic growth and achieve industrial development across Africa, whilst facilitating internal and external African trade. It also contributes to the development of the energy sector and extractive industries in the continent.
The meeting also witnessed a discussion of the country programme with the Organization for Economic Cooperation and Development (OECD). This aims to assist the selected countries to adopt the OECD standards as a tool for evaluating reform policies.
The executive steps taken by the coordination committee formed for this purpose were reviewed, along with a presentation of the content of the Egypt country programme and the definition of its connection to the structural reforms programme carried out by the state.
Through this programme, work will be carried out to advance and ensure the achievement of the second package of the proposed structural reforms. The country programme allows Egypt to obtain technical assistance to implement and follow up the structural reforms programme, with the timetable for its implementation reviewed.
During the meeting, the most important points contained in the Investment Policies Aspirations in the Middle East and North Africa (MENA) report, issued by the OECD, were reviewed.
The report seeks to assess investment policies in a group of MENA countries, and indicated that Egypt is one of the most prominent countries covered by the report in receiving investments in recent years.

Clic here to read the story from its source.