New Customs Draft Law to Improve Investment Climate

The Ministry of Finance is currently working on a new draft law for the development of the system of customs to contribute to the improvement of the investment climate and increase the competitiveness of the national economy. Minister of Finance Momtaz Al-Saeed asserted that the plan includes the advantages and facilities to serve many of the productive sectors and increase their competitiveness. Tariffs will be reduced to only 2% of the value of machinery and equipment and production lines against the current 5%. This aims to encourage new investments to expand in Egypt, he added.