Egypt Prepares to Launch 30 New Measures to Facilitate Foreign Trade and Customs Procedures

Egypt prepares to launch 30 new measures to facilitate foreign trade and simplify customs procedures.

SUMMARY

Egypt announces 30 new measures to facilitate foreign trade and simplify customs procedures, with government support for the industrial sector and improved national economic performance during 2024-2025.

KEY HIGHLIGHTS

Launch of 30 new measures to facilitate foreign trade and customs procedures.
Ministry of Finance's commitment to supporting industry and increasing support allocations in the new budget.
Improvement in Egypt's economic performance with a 5% growth rate in the last quarter of 2024-2025.
Challenges facing the industrial sector include high financing costs, energy prices, and export issues.
Government initiative package to support industrial companies with reduced interest rates and financing facilities worth 30 billion Egyptian pounds.

CORE SUBJECT

Measures to Facilitate Foreign Trade and Support Industry in Egypt

Egypt is preparing to launch 30 new measures to facilitate foreign trade and simplify customs procedures, coordinated between the Ministries of Finance and Investment. Details of these measures will be announced in the coming days, according to Egyptian Finance Minister Ahmed Kouchouk.

The minister added on the sidelines of the "Egypt Food" conference held in Cairo on Thursday that the ministry is committed to maintaining allocations for supporting and assisting industry, with plans to increase them in the new budget, especially for the food industries sector.

The government's move to support the industrial sector coincides with an improvement in Egypt's economic performance by the end of the 2024-2025 fiscal year, after the growth rate doubled to 5% in the last quarter compared to 2.4% in the same period last year, the highest in three years, supported by a recovery in the non-oil manufacturing sector, tourism, and telecommunications.

However, the industrial sector faces several obstacles, the most prominent being the high cost of financing, shortages of medicine and imported production inputs, which affect pricing. The increase in industrial land prices, the multiplicity of authorities, and lengthy licensing procedures in customs, along with rising energy prices, represent a direct challenge to factory operations and expansions. Added to this are export problems and the return of burdens, as well as high transportation and logistics costs, which limit the competitiveness of the industry.

In 2024, the government launched a package of initiatives to support industrial companies in purchasing equipment and production lines with a reduced interest rate of up to 13%, and total financing facilities amounting to 30 billion Egyptian pounds.

KEYWORDS

Egypt foreign trade customs procedures economy industry industry support financing economic growth

MENTIONED ENTITIES 4

Ahmed Kouchouk

👤 Person_Male

Egyptian Finance Minister

Ministry of Finance

🏛️ Organization

Egyptian Ministry of Finance

Ministry of Investment

🏛️ Organization

Egyptian Ministry of Investment

Egypt Food Conference

Event

Economic conference held in Cairo