During its plenary session yesterday, the Senate, headed by Counselor Abdel Wahab Abdel Razek, finally approved a draft law submitted by the government amending some provisions of Law No. 121 of 1982 regarding the register of importers, according to what Al-Ahram reported.
For his part, Engineer Hassan Al-Khatib, Minister of Investment and Foreign Trade, said that the Ministry is working during the current stage to provide a suitable investment climate for investment by providing a supportive institutional and legislative environment, simplifying procedures and removing obstacles facing investors, indicating that work is underway to implement more reforms. Financial, monetary, commercial and procedural policies with the aim of providing more facilities to investors and facilitating the movement of Egypt’s foreign trade.
Al-Khatib explained that an ambitious plan has been drawn up to gradually reduce the customs release time to two days by 2025. The plan is based on two phases. The first aims to reduce the release period to 4 days, which enhances the efficiency of customs operations. The second phase aims to reach only two days, which enhances the efficiency of customs operations. Commercial competitiveness and significantly reduces logistics costs, which reflects positively on the business environment and saves huge costs on the economy.
