Egypt makes 5 ‘crucial’ decisions to revive industry sector- Minister

Egyptian Trade and Industry Ministry reached five crucial decisions to overcome obstacles facing industry sector.

In a press conference held Friday, Minister Tarek Qabil announced that the five decisions include allocating land plots for investors in Upper Egypt for free.

The ministry also decided to grant the Industrial Development Authority (IDA) the authority to give licences for suspended factories to resume operation.

The ministry also decided to exempt all strategic industries that could enhance exporting and lower importing from taxes for five years.

On other side, Qabil noted that trade balance deficit recorded US$49 billion in 2015 since imports volume recorded US$67 billion while the exports declined to US$18 billion.

The efforts of the ministry participated in lowering Egypt’s imports by US$7 billion and boosting exports by US$1 billion, the minister noted.