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Daily News Egypt
a day ago
- Business
- Daily News Egypt
Egypt unveils comprehensive new export rebate programme
Investment and Foreign Trade Minister Hassan El-Khatib, along with Finance Minister Ahmed Kouchouk, has announced the full details of Egypt's new export subsidy rebate programme for the fiscal year 2025/2026. The ministers emphasized the government's commitment to building a modern and responsive support mechanism, aligned with Egypt's ambitious export growth objectives. The design of the new scheme drew upon international best practices, extensive public consultations, and a series of expert workshops. Export councils, industrial chambers, and stakeholders from across the economic spectrum were engaged through surveys and technical sessions to assess the performance of the current programme and gather proposals for improvement. This process informed the creation of an economic model to guide sectoral prioritization and fund allocation, in coordination with all relevant government entities. All export councils were actively involved in shaping the new framework. Their input was incorporated to address prior challenges, with funding tailored to each sector's unique priorities and characteristics. Intensive consultations were held with 13 export councils representing a wide range of industries—including chemicals and fertilizers, furniture, agriculture, textiles, pharmaceuticals, printing and packaging, home furnishings, ready-made garments, engineering, building materials and metals, food products, leather goods, and handicrafts. This next-generation export rebate programme stands out for its integrated approach. It situates export support within a broader national strategy aimed at improving the investment climate and enhancing overall economic competitiveness. The government has paired this programme with key policy reforms, such as a flexible exchange rate, targeted tax incentives, a reduction in non-tax financial burdens, accelerated customs procedures, and the adoption of 29 measures designed to streamline foreign trade. Finance Minister Kouchouk noted that bolstering exports is a central pillar of Egypt's fiscal strategy, particularly in sectors with high productivity and value-added potential. A total of EGP 45bn has been allocated to the new programme—representing a significant reaffirmation of the state's commitment to private sector collaboration. Between 2019 and 2024, the government disbursed EGP 70bn in export support to more than 2,800 companies. For the current fiscal year, support payments are being processed within a maximum of 90 days—marking a first for the programme. The upcoming 2025/2026 cycle will see the programme's budget nearly doubled to EGP 45bn, including EGP 38bn allocated directly to priority sectors and EGP 7bn designated as a flexible fund. The allocation model is based on four key indicators: added value (50%), export growth rate (30%), production capacity (10%), and employment levels (10%). The scheme introduces revised eligibility standards. Core benchmarks include total export volume and added value, while additional criteria relate to participation in international trade shows, penetration of strategic markets, logistics efficiency, branding, geographic incentives, environmental sustainability, and energy performance. The weight of each criterion can be adjusted based on sector-specific needs through a flexible evaluation mechanism. The flexible EGP 7bn component will be directed toward high-potential products and sectors—initially focusing on engineering and chemicals—based on economic complexity analysis. This fund will also be used to attract global manufacturers, support top-performing Egyptian exporters, and invest in enabling infrastructure for export-led growth. Crucially, the programme is designed to be inclusive of businesses of all sizes—large, medium, and small. It provides clearly defined eligibility criteria, guarantees fast-track reimbursements within 90 days, and ensures that payments are no longer subject to deductions for outstanding tax liabilities. For the current 2024/2025 rebate cycle, which had an approved budget of EGP 23bn, disbursements have been carried out in full alignment with the allocations determined by the Ministry of Finance. For the first time, all payments were made without retroactive deductions and within the committed 90-day window. As for the EGP 60bn in outstanding arrears related to shipments prior to July 2024, the Ministry of Finance has agreed on a settlement plan. Half of the amount—EGP 30bn—will be repaid in cash to all eligible exporters over a four-year period. The remaining EGP 30bn will be settled through a clearing mechanism, offsetting exporters' obligations to the Tax Authority, Customs Authority, utility providers (electricity and gas), and the Social Insurance Fund.
The Hill
a day ago
- Business
- The Hill
North Macedonia abolishing tariffs on US goods
Officials in North Macedonia said Monday it would abolish all tariffs on imported U.S. goods in an effort to have President Trump adopt the same trade measure. 'By unilaterally reducing customs rates, we are sending a message to accelerate the process of reciprocity in a mutual trade exchange,' Finance Minister Gordana Dimitrieska Kochoska told reporters, according to the Associated Press. Trump hit the country with a 33 percent tariff on exported goods in early May but promised to reciprocate on lower rates with countries that hammer out a deal with the White House. 'We're getting back to some of the wealth that very, very foolish presidents gave away because they had no clue what they were doing,' Trump told reporters in April. The move by North Macedonian leaders comes days after Minister of Foreign Affairs and Foreign Trade Timčo Mucunski met with Secretary of State Marco Rubio and weeks after the Trump administration lauded a trade deal with the United Kingdom. The White House and Treasury Department did not immediately respond to The Hill's request for comment on the matter.
Daily News Egypt
28-05-2025
- Business
- Daily News Egypt
Egypt, Sweden discuss advancing local electric bus manufacturing, sustainable transport
Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, Kamel Al-Wazir, met with Johan Forssell, Swedish Minister for International Development Cooperation and Foreign Trade, to discuss expanding bilateral cooperation in the transport and industrial sectors. Swedish Ambassador to Cairo, Håkan Emsgård, also attended the meeting. Al-Wazir underscored the longstanding and robust relations between Egypt and Sweden, expressing a strong desire to deepen collaboration, particularly in enhancing road safety—an effort aligned with Egypt's extensive national infrastructure projects in roads and bridges. Minister Forssell, leading a delegation of Swedish institutions and companies, expressed Sweden's keen interest in investing in Egypt's industrial development. He affirmed Sweden's readiness to support Egypt through technology transfer, expertise sharing, and cooperation across various transport sectors, recognizing Egypt's strategic position as a gateway to Africa. A key focus of the meeting was Egypt's initiative to localize the manufacturing of electric buses as part of its broader environmental and industrial strategy. Al-Wazir noted that Swedish company Volvo already manufactures electric buses in Egypt for export to the UK and several European markets. The ministers also discussed collaboration on Egypt's Bus Rapid Transit (BRT) system. Plans include the joint production of 100 electric buses, the development of electric charging infrastructure for upcoming BRT phases, and the implementation of advanced control and monitoring systems. Al-Wazir welcomed Swedish support in rolling out BRT services in Alexandria and emphasized opportunities for collaboration with other Swedish companies in the fields of renewable energy and pharmaceutical innovation, such as AstraZeneca. During the meeting, Al-Wazir and Forssell, along with Ambassador Emsgård, witnessed the signing of a Letter of Intent between Egypt's Land Transport Regulatory Authority and the International Swedish Industry Council. The agreement outlines cooperation in public transport planning, capacity building, technical evaluations, and knowledge transfer—particularly for BRT projects. Both sides concluded the meeting by agreeing to establish a series of expert-level follow-up sessions to monitor the implementation of joint projects and explore additional opportunities for Swedish companies in Egypt's growing market.
Canada Standard
25-05-2025
- Business
- Canada Standard
Minister Sidhu advances Canada's trade priorities in Ecuador
May 24, 2025 - Ottawa, Ontario - Global Affairs Canada The Honourable Maninder Sidhu, Minister of International Trade congratulated Ecuador's President Daniel Noboa on his election and reaffirmed Canada's commitment to expanding trade and investment between the two countries. Together with his counterpart Luis Jaramillo, Minister of Production, Foreign Trade, Investment, and Fisheries, Minister Sidhu issued a joint statement marking the successful conclusion of substantive negotiations for the Canada-Ecuador Free Trade Agreement (FTA), with the goal of bringing it into force as soon as possible. This agreement is a concrete example of Canada's efforts to diversify trade and create new opportunities for Canadian businesses. By reducing tariffs and other trade barriers, the Canada-Ecuador FTA will make it easier for Canadian companies to export to Ecuador, helping them grow and create jobs while benefiting workers and consumers in both countries. Minister Sidhu also took part in a roundtable with Canadian companies active in the mining, oil and gas, and infrastructure sectors. He emphasized Canada's support for businesses and responsible business practices, including protecting the environment, respecting workers' rights and working with local communities. Canada is supporting Ecuador in its efforts to enhance democratic and inclusive governance, combat crime and corruption, and protect the environment. To this end, Minister Sidhu announced a package of new international assistance initiatives totalling $26.22 million.
New Straits Times
21-05-2025
- Business
- New Straits Times
Finland eyes deeper trade ties with Malaysia, pushes for EU-Malaysia FTA
KUALA LUMPUR: Finland aims to deepen economic ties with Malaysia, focusing on the circular economy, smart and sustainable energy solutions, digitalisation, and semiconductors to boost trade and investment in the region. Its Foreign Trade and Development Minister Ville Tavio said the country is keen to strengthen collaboration through both bilateral engagement and the long-awaited EU-Malaysia Free Trade Agreement (MEUFTA). "We have good relations based on mutual respect and cooperation. Many of the sectors that Malaysia is growing in are also areas Finland has been working on. So, I know we have things to do together. "We also want the EU-Malaysia free trade negotiations to move forward and be concluded. "The current trade is not yet at a high level, so there is a lot of potential," he told Bernama during his official visit to Malaysia which began yesterday until May 23. Tavio said around 40 Finnish companies currently operate in Malaysia including major names like Nokia Corporation and Kone, which supplied elevators for the Merdeka 118 skyscraper. He hoped more Finnish companies will be interested in the Malaysian market and, likewise, Malaysian companies will explore opportunities in Finland. Besides, Tavio said Finland will be closely following the 46th Asean Summit under Malaysia's chairmanship as Finnish companies are well positioned to support Asean's green transition through their expertise in sustainable technologies. "With the Asean chairmanship 2025 theme of 'Inclusivity and Sustainability', the focus is very timely and relevant. "Our companies have many sustainable solutions. So, I think that is something we can really work with as clean technologies become more popular," he said. During the official visit, Tavio is leading a prominent business delegation comprising representatives from over 20 Finnish companies and organisations, with scheduled stops in both the capital and Penang. He will engage with federal and state governments, local businesses and other key stakeholders, and attend a business seminar co-organised with the Malaysian Investment Development Authority (MIDA). Meanwhile, Finland's Ambassador to Malaysia Anne Vasara said the delegation will travel to Penang – often referred to as the 'Silicon Valley of Malaysia' to explore its dynamic technology ecosystem and further strengthen ties with regional industry leaders. "The visit will include a business seminar and our companies will also engage in meetings with local firms, Penang authorities, and key stakeholders to explore ways to enhance cooperation," she said. The Finnish companies and organisations include those spanning key industries such as semiconductors, artificial intelligence, quantum and cloud computing, the Internet of Things, decarbonisation, green construction and waste management. – Bernama
