Latest news with #MinistriesofInvestmentandForeignTrade
Al-Ahram Weekly
18-07-2025
- Business
- Al-Ahram Weekly
Egypt Assistant FM holds high-level meeting on political-trade ties with Canada - Foreign Affairs
Assistant Foreign Minister for US Affairs Sameh Aboul-Enein convened a high-level coordination meeting on Friday with members of the Egyptian-Canadian Business Council to follow up on the outcomes of the political and trade consultation round held in April. The meeting, which included senior officials from key ministries and national bodies as well as several Egyptian parliamentarians, focused on reviewing the progress of joint projects with Canada. Participants discussed frameworks designed to ensure continuity in building on the positive outcomes of the Egyptian delegation's recent visit to Canada, which included representatives from the Ministries of Investment and Foreign Trade, Petroleum and Mineral Resources, as well as business leaders and parliamentarians. The meeting also highlighted the need to sustain momentum in supporting Egypt's national strategy to boost investment opportunities, considering the economic dimension as a top priority of Egypt's foreign policy, particularly in terms of attracting foreign investments and increasing trade volume. The participants reviewed key investment opportunities in the Egyptian market for Canadian companies and explored ways to attract Canadian capital to the market. They emphasised Egypt's strategic potential to serve as a gateway for Canadian businesses into African and European markets, primarily through localised production in vital sectors such as infrastructure, agriculture, and energy. During the meeting, Aboul-Enein underscored the importance of continuously monitoring the outcomes of the consultations to ensure effective implementation of agreed-upon measures. He also highlighted the progress already achieved and stressed the need to maintain the same pace of work to enhance investment prospects, increase trade exchanges, and strengthen bilateral relations. In 2024, Egypt exported goods worth $197 million to Canada, while imports from Canada totalled $369 million, according to the Central Agency for Public Mobilisation and Statistics (CAPMAS). During the 2023/2024 fiscal year, Egyptian investments in Canada reached $85.3 million. Meanwhile, Canadian foreign direct investments in Egypt amounted to $122.5 million. Follow us on: Facebook Instagram Whatsapp Short link:
Egypt Today
03-06-2025
- Business
- Egypt Today
Egypt Expands Export Rebate Program with LE 45 Billion Boost for 2025–2026
The Ministries of Investment and Foreign Trade, in collaboration with the Ministry of Finance, have officially launched an upgraded Export Burden Rebate Program for the 2025–2026 fiscal year, introducing broader support mechanisms and a restructured framework to empower Egyptian exporters. At the heart of the new program lies a significant financial expansion, with the total budget doubling to reach LE 45 billion. Of this amount, LE 38 billion is earmarked for targeted export sectors, while LE 7 billion has been allocated as a flexible reserve to respond to sector-specific challenges and emerging export opportunities. To guide equitable fund distribution, the government has adopted a comprehensive economic model that takes into account several key factors. These include value added by exports (50 percent), export growth rates (30 percent), production capacity (10 percent), and employment figures (10 percent). This structured approach ensures a data-driven and impact-oriented allocation process. The updated program introduces a two-tiered system of eligibility. Core criteria include export volume and the economic value generated, while additional factors consider broader developmental aspects such as participation in international trade fairs, penetration into strategic markets, branding efforts, logistics and transportation improvements, geographical expansion, adherence to international environmental standards, and energy efficiency. These additional criteria are weighted flexibly to reflect the varied priorities of each export sector. The LE 7 billion flexible reserve is specifically designed to target high-potential export products and launch incentive mechanisms based on the economic complexity of goods, starting with the engineering and chemical sectors. It will also support efforts to attract international companies to the Egyptian market, reinforce the growth of leading exporters, and fund infrastructure critical to export expansion. Among the standout features of the revamped program are its inclusivity, adaptability, and transparency. It supports businesses of all sizes — from small startups to large exporters — and offers clearly defined eligibility requirements alongside streamlined, timely disbursement. One of the most notable improvements is the commitment to settle dues within a maximum of 90 days, without deducting any outstanding tax liabilities, which marks a major step forward in restoring trust and boosting business confidence. The current 2024–2025 program, operating with a LE 23 billion budget, will continue without retroactive changes. For the first time, all disbursements under this cycle have been made within the promised 90-day period, and initial payments have been issued in full, free from tax-related deductions. To resolve longstanding arrears totaling LE 60 billion for shipments made before July 2024, the government has introduced a structured repayment mechanism. Half of the dues — approximately LE 30 billion — will be paid in cash over a period of four years. The remaining half will be offset through a clearing system that matches exporter claims with outstanding liabilities to government entities, including taxes, customs, utility providers, and social insurance institutions. In a joint statement, Minister of Investment Hassan El-Khatib and Minister of Finance Ahmed Kouchouk stressed that the revamped program was developed following extensive consultation with export councils. The government conducted detailed discussions with 13 sector-specific councils to gather insights, assess past challenges, and shape a solution-oriented strategy tailored to each sector's unique demands. The ministers emphasized that this initiative is part of a broader national agenda aimed at enhancing Egypt's overall investment landscape and export competitiveness. To support this, the government has adopted a flexible exchange rate, implemented supportive monetary policies, offered tax incentives, eased non-tax burdens, and introduced 29 specific trade facilitation measures to accelerate Egypt's integration into global markets. Concluding their remarks, Minister Kouchouk reaffirmed the government's commitment to business community collaboration, noting that LE 45 billion has already been allocated in the upcoming fiscal year's budget to support the new program. From 2019 to 2024, over LE 70 billion was disbursed to more than 2,800 exporting companies. For the first time, exporters' dues for the current fiscal year have been paid within the 90-day timeframe, demonstrating the government's resolve to create a predictable and business-friendly export environment.
