Arab Finance: Engineer Hassan Al-Khatib, Minister of Investment and Foreign Trade, held an extensive press conference with the participation of all journalists accredited to the Ministry, during which he reviewed the state’s policies aimed at facilitating the movement of foreign trade for investors, as well as the Ministry’s efforts to attract more investments andIncrease Egyptian exports For foreign markets.
The Minister stressed that the Ministry seeks to provide a more competitive investment climate that attracts investment by working to provide a supportive institutional and legislative environment, simplifying procedures and overcoming obstacles facing investors, noting the complete transparency and clarity of all non-tax procedural and financial burdens that are imposed on the investor during the various stages of the project and work. I have to organize it.
Al-Khatib said that the government has developed clear and stimulating policies for investment and trade, which include reducing the non-tax and procedural financial burdens on the investor, pointing out the importance of clarity and stability of policies and clarity of burdens and fees for the investor.
The Minister indicated that a plan has been developed to implement these policies in two phases. The first (current) phase includes addressing the most prominent financial deductions applied to companies on a periodic basis. The percentage of the Training and Qualification Fund was reduced from 1% of profits to 0.25% of the minimum wage. Insurance, while dealing with the retroactive effect in coordination with the Ministry of Labor, and amending the solidarity contribution tax to be calculated on profits instead of revenues, and coordination is underway with all concerned parties in this regard, pointing out that the second phase will focus To analyze each sector separately in coordination with all parties
Al-Khatib confirmed the development of an ambitious plan to gradually reduce the customs release time to two days by 2025. The plan is based on two phases: The first phase aims to reduce the release period to 4 days, which enhances the efficiency of customs operations. As for the second phase, it seeks to reach only two days, which enhances commercial competitiveness and significantly reduces logistical costs, which reflects positively on the business environment and saves huge costs on the economy.
Al-Khatib stressed that these and other policies and reforms would make Egypt distinguished by an open trade policy to the world, and would contribute to increasing exports, providing an attractive environment for local industry, and supporting its competitiveness. They would also contribute to placing Egypt at an advanced stage in global trade indicators to be among the 50 largest countries. Globally during the coming period, then moving to the top twenty positions by 2030 while achieving a qualitative leap in our exports.
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