EUIA’s Head Demands Egypt’s Commercial Accords Review

 Mohamed Farid Khamis, head of the Egyptian Union of Investors Association (EUIA) and Owner of the leading carpet manufacturer Oriental Weavers Group (ORWE.CA), has urged the country’s Prime Minister Hazem El-Beblawi to review the requested from Dr. Beblawi’s government to discuss Egypt’s commercial agreements concluded with the effective parties in the global trade over the previous period.

Khamis has justified his request in a statement to Awmal Al Ghad, that these agreements are injustice to the Egyptian competitive products in the local market as foreign products were obtained  customs exemptions in entering the Egyptian market despite receiving tax exemptions so it will support its competitiveness balance against the local product which gets limited tax, product and export support.

Khamis has insisted on this process within the coming period if the government really wants to run its faltered factories which announced an urgent steps so as to re-run during the coming period, as described by Ziad Bahaa El Din, Deputy Prime Minister for Economic Affairs.

He added in case of the government fell for reviewing these agreements, there will be an alternative process could be taken to resolve the crisis like expanding the Egyptian product , pointing out that this alternative is very difficult in this critical period in which the country is currently undergoing and the worsening of the financial crisis.