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Daily News Egypt
a day ago
- Business
- Daily News Egypt
KOICA, GOEIC sign $11 m agreement to enhance Egypt trade facilitation
The Korea International Cooperation Agency (KOICA) and Egypt's General Organization of Export and Import Control (GOEIC) on Monday signed an $11m agreement to establish a digital platform aimed at enhancing trade facilitation in Egypt. The Record of Discussion (ROD) was signed in Cairo for the project, titled 'Establishment of the Digital Platform for risk-based inspection and tracking to facilitate trade in Egypt.' The initiative is set to run from 2025 to 2029. The signing ceremony was attended by KOICA's Deputy Country Director, Lee Myungshyn, and GOEIC's Chairperson, Essam El-Naggar. Also present were Mai Hassab El Nabbi Assal, Assistant Minister of Investment and Foreign Trade for Development Projects, International Relations, and Political Communication, and Eman Fakhry, Senior Manager of the Asian Cooperation Sector at the Ministry of Planning, Economic Development, and International Cooperation. The project aims to streamline Egypt's import cargo inspection processes and bolster the country's global trade competitiveness. Key components include the development of digital systems for cargo risk-based inspection, a laboratory information management system, and a market surveillance system. 'We believe this project will significantly enhance Egypt's trade facilitation capabilities, fostering economic growth and sustainability. Our collaboration with GOEIC marks a crucial step towards a more efficient and competitive trade environment in Egypt,' Lee Myungshyn, Deputy Country Director of KOICA Egypt Office, said. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, said that 'this project is a continuation of the coordinating efforts undertaken by the Ministry in collaboration with all concerned parties to enhance the utilization of Korean grant resources to support the Egyptian government's plans for digital transformation and promote inclusive and sustainable development.' She emphasised that through the digital platform for risk-based inspection and tracking, national efforts are supported to facilitate and develop trade flows through digital transformation. Dr. Al-Mashat also highlighted the project's importancein enhancing competitiveness by accelerating inspection and customs clearance processes, thereby reducing administrative barriers and ensuring compliance with international standards in foreign trade. Hassan El-Khatib, Minister of Investment and Foreign Trade, indicated that 'this project is part of the state's vision to govern ports, accelerate, simplify, and reduce the cost and time of conformity assessment procedures for goods at ports, aiming to decrease release times to reach global standards.' He added that this includes tightening control over the trading, importing, and exporting of low-quality goods, in line with Egypt's international commitments under the World Trade Organization's 'Trade Facilitation Agreement' regarding the implementation of integrated risk management systems in cross-border trade. Essam Al-Naggar, Chairperson of the General Authority for Export and Import Control, praised 'the support from the Korean government for implementing this project, which will contribute to establishing a modern integrated system for monitoring the import of industrial goods, including market surveillance, similar to practices in developed countries.' KOICA is a Korean government agency under the Ministry of Foreign Affairs, dedicated to implementing grant aid programmes designed to combat poverty and support sustainable socio-economic growth in developing countries worldwide. The KOICA Egypt Office, established in 1998, provides technical and technological education for youth in Egypt, supports the digitalisation of government services and systems, and carries out programmes to address gender-based violence, strengthen women's empowerment, and support vulnerable groups.
See - Sada Elbalad
2 days ago
- Business
- See - Sada Elbalad
KOICA, GOEIC Sign $11m Agreement to Enhance Trade Facilitation in Egypt
Nada Mustafa Korea International Cooperation Agency (KOICA) and the General Organization of Export and Import Control (GOEIC) signed a Record of Discussion (ROD) to launch a transformative $11million project aimed at improving trade facilitation in Egypt. The project, titled 'Establishment of the Digital Platform for risk-based inspection and tracking to facilitate trade in Egypt. The signing ceremony took place in Cairo, with KOICA's Deputy Country Director, Mr. Lee Myungshyn, and GOEIC's Chairman, Mr. Essam El-Naggar, in attendance, alongside Dr. Mai Hassab El Nabbi Assal, Assistant Minister of Investment and Foreign Trade for Development Projects, International Relations, and Political Communication, and Dr. Eman Fakhry, Senior Manager of the Asian Cooperation Sector at the Ministry of Planning, Economic Development, and International Cooperation. The project aims to streamline Egypt's import cargo inspection processes and bolster Egypt's global trade competitiveness. Key components of the project include having digital systems for the cargo risk-based inspection, laboratory information management system, and market surveillance system. The project is set to run from 2025 to 2029, marking a significant investment in Egypt's trade infrastructure. "We believe this project will significantly enhance Egypt's trade facilitation capabilities, fostering economic growth and sustainability. Our collaboration with GOEIC marks a crucial step towards a more efficient and competitive trade environment in Egypt' according to the Deputy Country Director of KOICA Egypt Office For her part, Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, said that this project is a continuation of the coordinating efforts undertaken by the Ministry in collaboration with all concerned parties to enhance the utilization of Korean grant resources to support the Egyptian government's plans for digital transformation and promote inclusive and sustainable development. Through the digital platform for risk-based inspection and tracking, national efforts are supported to facilitate and develop trade flows through digital transformation. She emphasized the importance of the project in enhancing competitiveness by accelerating inspection and customs clearance processes, thereby reducing administrative barriers and ensuring compliance with international standards in foreign trade. Meanwhile, Engineer Hassan Al-Khatib, Minister of Investment and Foreign Trade, indicated that this project is part of the state's vision to govern ports, accelerate, simplify, and reduce the cost and time of conformity assessment procedures for goods at ports, aiming to decrease release times to reach global standards. This includes tightening control over the trading, importing, and exporting of low-quality goods, in line with Egypt's international commitments under the World Trade Organization's "Trade Facilitation Agreement" regarding the implementation of integrated risk management systems in cross-border trade. Additionally, Engineer Essam Al-Naggar, Chairman of the General Authority for Export and Import Control, praised the support from the Korean government for implementing this project, which will contribute to establishing a modern integrated system for monitoring the import of industrial goods, including market surveillance, similar to practices in developed countries. KOICA (Korea International Cooperation Agency) is a Korean government agency under the Ministry of Foreign Affairs dedicated to implementing grant aid programs designed to combat poverty and support sustainable socio-economic growth in developing countries worldwide. The KOICA Egypt Office, established in 1998, provides technical and technological education for youth in Egypt, supports the digitalization of government services and systems, and carries out programs to address gender-based violence, strengthen women's empowerment, and support vulnerable groups. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan
Daily News Egypt
2 days ago
- Business
- Daily News Egypt
Al-Sisi reviews unified investment strategy to boost FDI, industrial growth
Egypt's President Abdel Fattah Al-Sisi convened a high-level meeting on Sunday to review progress on Egypt's unified national investment strategy, which aims to enhance the country's economic competitiveness and attract increased foreign direct investment (FDI). According to a presidential statement, the meeting was attended by Prime Minister Mostafa Madbouly, Deputy Prime Minister and Minister of Industry and Transport Kamel Al-Wazir, Minister of Planning and Economic Development Rania Al-Mashat, Finance Minister Ahmed Kouchouk, and Minister of Investment and Foreign Trade Hassan El-Khatib. The president was briefed on ongoing measures to streamline investment procedures, including the development of a one-stop digital platform for licensing, the reduction of non-tax burdens on investors, and broader structural reforms. The strategy emphasizes transparent and stable policy frameworks, investor-friendly fiscal incentives, open trade policies, and reliable energy access for industrial operations. President Al-Sisi emphasized the need to sustain momentum in enhancing the investment climate and reaffirmed Egypt's ambition to become a regional hub for FDI in line with national development goals. The meeting also included an update on the activities of The Sovereign Fund of Egypt, particularly efforts to unlock value from state-owned assets and strengthen public-private partnerships. The president instructed officials to pursue innovative strategies for maximizing returns on national assets. Officials reviewed trends in Egypt's non-oil exports from 2003 to 2024 and discussed strategies to diversify export markets and improve the global competitiveness of Egyptian products. Infrastructure projects supporting export growth were also examined. Further discussions addressed Egypt's strategic goal of becoming a global logistics and transit trade hub. Updates were provided on a planned dry bulk terminal at Abu Qir Port and a proposed logistics station for iron and billet handling in the Adabiya area—initiatives aimed at supporting the growth of Egypt's iron and steel sector. The meeting also reviewed progress in reforming and enhancing the performance of key economic authorities, as well as the broader national structural reform agenda. Officials briefed the president on ongoing cooperation with the European Union under the macro-financial assistance agreement, designed to support Egypt's public finances. Finally, the president reviewed a draft of the country's forthcoming 'National Economic Development Narrative'—a strategic framework centered on enabling private sector-led growth, strengthening industry and exports, and implementing reforms to stabilize Egypt's macroeconomic and fiscal outlook. Al-Sisi called for the swift finalization of the strategy, highlighting its importance in charting Egypt's future development path and attracting global investment.
See - Sada Elbalad
25-05-2025
- Business
- See - Sada Elbalad
U.S.-Egypt Policy Leaders Forum Kicks Off in Cairo with Strong Emphasis on Investment, Private Sector Empowerment
Ahmed Emam The U.S.-Egypt Policy Leaders Forum kicked off in Cairo, bringing together top government officials and senior executives to advance economic cooperation and investment opportunities between the two nations. The two-day forum, hosted at the Four Seasons Nile Plaza, features the participation of Egyptian Prime Minister Dr. Mostafa Madbouly, nine cabinet ministers — including the full economic team — and the head of the General Authority for the Suez Canal Economic Zone. Leading the discussions was Minister of Investment and Foreign Trade Eng. Hassan El-Khatib, who delivered a keynote address outlining Egypt's bold reform agenda aimed at enhancing the country's investment climate and empowering the private sector as a driver of sustainable growth. 'The business environment in Egypt is becoming increasingly stable and attractive for American investors,' El-Khatib stated. 'Our government is committed to building a predictable, transparent ecosystem that encourages long-term investments.' He detailed a suite of recent economic reforms, including the adoption of a flexible exchange rate, regulatory streamlining, and the launch of a pilot digital platform offering over 380 licensing services to facilitate business operations. El-Khatib also announced that Egypt will soon unveil a new trade policy by the end of June, designed to reduce foreign trade transaction costs and time by up to 75%, positioning Egypt more competitively on the global stage. The minister highlighted measures to modernize Egypt's tax system, reduce non-tax burdens on companies, and consolidate fee-collecting agencies to reduce bureaucracy and improve transparency. Furthermore, he noted that Egypt has recently approved the recognition of U.S.-certified Halal certificates and slashed related fees by up to 50% to streamline market access for American goods. Reaffirming Egypt's commitment to free trade and private sector engagement, El-Khatib said the government is transferring state-owned assets to the Sovereign Fund of Egypt to maximize their value and create new public-private partnerships, in line with the structural reform agenda. 'Egypt is a uniquely positioned investment hub with modern infrastructure, a skilled labor force, and a diversified economy,' El-Khatib said, citing over \$550 billion invested in infrastructure over the past decade. He pointed to promising sectors such as renewable energy, healthcare, tourism, and information technology as priority areas for collaboration. The forum hosts a high-level U.S. delegation comprising 79 executives representing 51 major American companies, alongside representatives from the International Finance Corporation (IFC), the International Monetary Fund (IMF), and the World Bank. The event reflects the strategic depth of U.S.-Egypt relations and underscores the shared commitment to strengthening direct dialogue between policymakers and investors. As Egypt advances its reform program, the forum serves as a platform to explore new avenues for trade, investment, and economic partnership. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
Egypt Today
22-05-2025
- Business
- Egypt Today
Egypt Launches LE 45 Billion Export Rebate Program
CAIRO - 22 May 2025: During a Cabinet meeting led by Prime Minister Mostafa Madbouly, Minister of Investment and Foreign Trade Hassan El-Khatib unveiled Egypt's new Export Subsidy Rebate Program for the fiscal years 2025/2026 through 2027/2028. The program represents a strategic overhaul of the export incentive framework, aimed at fostering sustainable growth and strengthening the country's global trade position. As part of the program, 50 percent of outstanding dues owed to eligible exporters will be disbursed in cash over a four-year period, while the remaining 50 percent will be cleared through a mechanism that offsets these entitlements against current and future financial obligations. El-Khatib confirmed that the existing program remains in line with the Ministry of Finance's budget, with a key update: the local content requirement for qualifying exports has been raised to 35 percent. He also clarified that the new rebate system will not apply retroactively. In a significant departure from previous models, the new initiative adopts a targeted, sector-specific approach based on economic complexity and added value. The program is backed by a projected annual budget of LE 45 billion—LE 38 billion allocated directly to key sectors and LE 7 billion reserved for strategic, flexible deployment. For the first time, exporters will receive full payments within a maximum of 90 days, with no deductions for tax liabilities—signaling a more responsive and business-friendly environment. The revamped program has been developed in close collaboration with Egypt's export councils to reflect the specific needs and priorities of each industry. It draws from extensive consultations with experts, international best practices, and feedback gathered from more than 500 exporting companies. El-Khatib emphasized that this initiative is part of a broader national effort to create a more competitive investment landscape. The program is supported by wider economic reforms, including exchange rate flexibility, tax relief initiatives, reduced financial burdens, and enhancements in customs clearance and trade facilitation procedures. The initial rollout will prioritize the engineering and chemical sectors, focusing on products with high added value and economic complexity. Moreover, the disbursement model has been redesigned to allocate funds based on the actual needs of each export council—replacing the previous uniform approach and ensuring greater fairness and impact.
