Egypt Cabinet’s Economic Group to Revise Importers’ RecordSource: www.export-egypt.com 1/5/2016, Location: Africa |
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The economic ministerial group of the Cabinet under Prime Minister Sherif Ismail decided to revise the record of importers to amend law No.121/1982.
The step will be considered by the Federation of Egyptian Chambers of Commerce and the Federation of Egyptian Industries. Proposals will be referred then to the Cabinet. The group asserted during a meeting that the law should be amended to control imports and protect the domestic markets. The step is also meant to improve the quality of imported products. During the meeting, the economic ministerial group approved the establishment of a technical working group containing the ministries of petroleum, industry, electricity, supply, investment and international cooperation, in addition to the Central Bank of Egypt (CBE) to determine the priorities and consider procedures required for reducing the budget deficit and attracting Foreign Direct Investment. It will convene on a weekly basis to offer its visions to the economic group. For his part, Ismail stressed the importance of creating visions for a number of important files such as reducing the imports, increasing and backing exports, activating tourism, attracting Foreign Direct Investment and rationalizing energy consumption. In addition, the economic group approved receiving the sugarcane crop from farmers for season 2016 for LE400 a ton, while the Sugar and Integrated Industries Company will endure LE300 per ton. The finance ministry will pay LE100 to farmers for each supplied ton. |
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