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