Egypt plans to reduce luxury items imports: PM

Egypt’s economic ministerial group on Monday probed ways of reducing imports of luxury commodities especially those with an equivalent made at home to lower the deficit in the balance of trade.

The idea behind this step is also to protect the country’s resources of foreign currency to direct it to imports needed for economic activity and encourage the national industry.

The economic group meeting was chaired by Prime Minister Moustafa Madbouly and attended by the  ministers of investment and international cooperation, planning, tourism, finance, trade and industry, and public enterprise.

Madbouly asked the ministries concerned to prepare a list of imported luxury and necessity goods and to draft proposals on ways to lower imports of luxury commodities with a local equivalent, Cabinet Spokesman Nader Saad said.

The economic group ministers also probed the comprehensive national development strategy of the Egyptian customs system as part of the Finance Ministry’s implementation plan, he said.

They also examined offers by foreign companies to invest in Egypt, he added.

Source: MENA