Engineer Sherif El-Sayyad, head of the Export Council for Engineering Industries, confirmed that the government is determined to implement competitive neutrality and ensure equal competition between the private sector and government companies, with the aim of helping to attract new investments in various economic sectors.
Engineer Sherif El-Sayyad stressed the importance of implementing the government’s decision to cancel the work of documentary credits in imports within 60 days from now in response to the demands of manufacturers and exporters within the proposals and recommendations of the economic conference, stressing the importance of working to facilitate the import of production materials and production lines in factories.
The Chairman of the Export Council pointed out that the recommendations of the economic conference are commensurate with the current stage, especially with regard to refunding the income tax by 55% in a period not exceeding 45 days, for a number of strategic and industrial sectors and working to localize industries feeding the engineering industries, especially since Egypt has a comparative advantage in it.
Al-Sayyad explained that the recommendations of the industry sector needed to add some items to solve some obstacles, such as treating customs distortions when importing raw materials and production requirements, and speeding up the tax refund in importing industry production inputs.
The President of the Council called for the necessity of working to implement the recommendations of the economic conference quickly, especially with regard to simplifying the procedures related to industrial lands and licensing new factories, stressing the determination of President Sisi to develop and develop the Egyptian industry.