Egyptian government initiatives to address the repercussions of the COVID-19 crisis and the ongoing global financial crisis have demonstrated the country's strong commitment to achieving economic growth in productive sectors, according to Walid Nadim, a member of the Clothing Industry Chamber at the Federation of Industries.In exclusive statements, Nadim highlighted that the measures announced by the Prime Minister to expedite company establishment, provide production inputs and accompanying lands, offer customs and tax incentives, and improve the business climate are factors that attract foreign direct investment to Egypt, stimulate commodity exports, and accelerate the increase of foreign currency resources.He further emphasized that the Egyptian government is determined to take serious steps to boost exports and encourage domestic manufacturing.The member of the Clothing Industry Chamber confirmed that the new incentives will encourage the private sector to expand its participation in economic development and achieve the comprehensive development targets pursued by the state. Additionally, speeding up the government's exit from economic sectors will pave the way for private sector growth.He pointed out that achieving a 20% annual growth in exports depends on the timely payment of exporters' dues, facilitating the import of production inputs, expanding the participation of production companies in international exhibitions, and intensifying missions to explore international markets.The incentives announced by the Cabinet encompass various stimulating decisions for direct investment, particularly in the industrial, agricultural, and real estate sectors.These include expanding the scope of granting the golden license to all projects belonging to the private sector, which is of great importance to Egypt in the coming period. Additionally, preferential treatment for government companies has been abolished to achieve the principle of equality and fairness between the public and private sectors.Efforts are also being made to remove restrictions on the establishment of gas and energy-based factories and allow them to operate within the free zone system, similar to petrochemical factories. Moreover, the establishment period for companies has been extended to nine years, and the state will bear a portion of the consumption cost for specific projects for a duration of ten years, enabling the private sector to enter these projects.Egypt's commitment to economic growth and the development of productive sectors has yielded significant results. The country's efforts to attract foreign investment, enhance the business climate, and stimulate exports are key drivers of economic expansion and job creation.These measures align with Egypt's vision for sustainable and inclusive development, promoting a dynamic private sector and contributing to the overall economic resilience of the nation. (ICE IL CAIRO)

Fonte notizia: https://www.businesstodayegypt.com/Article/1/2775/Private-sector-expansion-key-to-achieving-Egypt-s-