Egyptian PM Announces Measures to Boost Economy and Attract Investment

Egyptian Prime Minister Mostafa Madbouly has unveiled a series of initiatives aimed at supporting the country's economy and promoting investment. The measures include expedited customs clearance for goods, addressing currency challenges, and providing incentives for establishing and manufacturing electrical cables in the 10th of Ramadan City industrial zone.

In a statement released by the Prime Minister's office, Madbouly emphasized the government's commitment to facilitating trade and creating a favorable business environment. "We are taking concrete steps to streamline customs procedures and ensure the smooth flow of goods across our borders," he said. The expedited customs clearance process is expected to reduce delays and lower costs for businesses importing and exporting products.

Madbouly also addressed concerns regarding currency issues, assuring investors and the business community that there are no significant obstacles in this area. "Egypt's foreign exchange market remains stable, and we have implemented policies to maintain the availability of currency for legitimate business transactions," he stated. This reassurance comes as a relief to companies operating in Egypt, as currency fluctuations and access to foreign exchange have been a concern in the past.

In addition to these measures, the Prime Minister announced incentives for establishing and manufacturing electrical cables in the 10th of Ramadan City industrial zone. The government aims to attract investments in this sector, recognizing its potential for growth and job creation. "We are offering attractive incentives and support to companies that set up operations in the 10th of Ramadan City, particularly those involved in the production of electrical cables," Madbouly said. The specific details of the incentives were not disclosed, but they are expected to include tax breaks, subsidies, and infrastructure support.

Why this matters: Egypt's economy has been facing challenges in recent years, and attracting foreign investment is vital for its growth and stability. The measures announced by Prime Minister Madbouly demonstrate the government's proactive approach to creating a more business-friendly environment and boosting key industries. The focus on electrical cable manufacturing in the 10th of Ramadan City aligns with Egypt's broader strategy to strengthen its industrial sector and position itself as a regional manufacturing hub.

The Prime Minister's announcements have been welcomed by the business community, with industry leaders expressing optimism about the potential impact of these measures. "The government's efforts to simplify customs procedures and provide incentives for investment in the electrical cable sector are highly encouraging," said Ahmed Elsayed, chairman of the Egyptian Businessmen's Association. "These steps will not only attract foreign investment but also support the growth of local businesses and create employment opportunities."

Key Takeaways

• Egypt's PM unveils initiatives to support economy, including expedited customs clearance.
• Measures aim to address currency challenges and provide incentives for cable manufacturing.
• Government committed to facilitating trade and creating a favorable business environment.
• Incentives offered to attract investments in electrical cable production in 10th of Ramadan City.
• Initiatives welcomed by business community as a boost to foreign investment and local growth.