Egypt launches new program to stimulate exports: Prime Minister

Egyptian Prime Minister Mostafa Madbouly on Monday announced the launching of a new program to stimulate exports, alongside the commencement of executive procedures to pay outstanding dues to manufacturers and exporters.

He said that the government has also set up a committee to study facilitating 17 export procedures, easing each step individually before the end of this year, adding that the government aims to create a better investment climate by breaking down bureaucratic procedures from decades ago.

Madbouly explained that the new exports program is not based on providing financial support to exporters only, and that there are other components such as marketing support, the establishment of major conferences and shipping support for countries with high shipping costs.

The Prime Minister said that the government backs the private sector through a number of measures to develop free and investment zones and is scheduled to spend 10 percent of its arrears since 2013, with more incentives provided to those seeking to expand.

He added that there will be priority to give land plots for exporters who obtained incentives from the program, and announced the launch of a website portal on the industrial land map showcasing the availability of six million square meters for these land plots.

Madbouly’s remarks came at a press conference held in the presence of Finance Minister Mohamed Maait, Minister of Trade and Industry Amr Nassar and a group of Egyptian exporters benefiting from these measures.

Edited translation from Al-Masry Al-Youm

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