Send To Friend
Gamea, Maait discuss initiative to stimulate local industry
25 September 2021  -  Sector :  -  Entity :  -  Category : Industry News

Other Titles

The meeting agreed on forming a working group of the two ministries to discuss implementing 26 measures under the 100 Incentive Measures initiative to stimulate the industry.

Cairo- Sep 25, 2021

Minister of Trade and Industry Nevine Gamea has received Minister of Finance Mohamed Maait,  where they reviewed the promotional measures proposed by their respective ministries to facilitate industrial investment under the initiative of the 100 Incentive Measures to Advance the Industry.

The meeting was attended by Gehan Saleh, Egyptian prime minister advisor for economic affairs, with the participation of officials and heads of affiliate bodies.

“The initiative comes within President Abdel Fattah al-Sisi's directives to develop the manufacturing sector and advance the national economy,” Gamea said, stressing that promoting the sector tops the government's agenda in the meantime.

She added that the ultimate goal is to increase the industrial sector’s contribution to GDP, cover local market needs of manufactured goods, provide decent and productive jobs, as well as boost Egypt’s exports.

The meeting agreed on forming a working group of the two ministries to explore ways to implement the 26 measures undertaken by the Ministry of Finance within the initiative, including: amending various industrial laws and regulations, encouraging new investments and technology transfer in priority sectors, facilitating the provision of raw materials for industry, and implementing import control mechanisms

The group will comprise representatives from the Egyptian Tax Authority, the Egyptian Real Estate Taxation Authority, the Industrial Development Authority, the General Organization for Export and Import Control, the Industrial Modernization Center, the Export Development Fund, the Foreign Trade Sector, in addition to the Micro, Small and Medium Enterprise Development Agency.

Maait, for his part, expressed the ministry’s keenness to support the local industry, through providing tax, customs and other procedural facilitations for producers, exporters and owners of small and medium enterprises.

“ We are committed to the creation of an attractive business environment for local and foreign investments,” he said.

Add new comment
Comment body*
(0) Comment(s)