Today, Sunday, 9-11-2022, the Egyptian economy news varied. Most notably, Engineer Ahmed Samir, Minister of Trade and Industry, affirmed the ministry’s keenness to develop all industrial clusters in a way that contributes to increasing the added value of the national industry and enhancing the competitiveness of Egyptian products in the local and global markets.
The Minister of Industry announces the launch of 100 factories for finished products in front of investors soon
Engineer Ahmed Samir, Minister of Trade and Industry, affirmed the ministry’s keenness to develop all industrial clusters in a way that contributes to increasing the added value of the national industry and enhancing the competitiveness of Egyptian products in the local and global markets. On the ground on the challenges and working to find radical solutions to them, in coordination and cooperation with all state agencies.
This came during the minister’s inspection tour of the Leather City in Al-Rubiki, which included a visit to a number of tanneries in the city, as well as the technological center and glue factories, in addition to the area of the 100 factories for finished products. Responsible for managing the Leather City in Al-Rubiki, Eng. Mohamed Abdel Karim, Executive Director of the Industrial Modernization Center, Eng. Mohamed Anwar, Head of the Executive Authority of the Public Authority for the Implementation of Industrial Projects, and Ahmed Reda, General Supervisor of Technology Centers.
Finance: The formation of the first “integrated” tax appeal committees to facilitate the financiers and taxpayers
Mohamed Maait, Minister of Finance, issued a decision to form the first integrated tax appeal committees to settle disputes between financiers or taxpayers and the Egyptian Tax Authority, which are specified in the appeal sheet and related to taxes stipulated in the Income Tax Law, the Stamp Tax Law, the Financial Resources Development Fee Law and the Tax Law on Value Added.
The integrated appeal committees are concerned with appeals referred from the central administrations of the Center for Senior and Intermediate Taxpayers, the Senior Liberal Professions Center and the Fourth Cairo Tax District, in a manner that helps expedite the completion of accumulated disputes, collect the dues of the state’s public treasury, facilitate for financiers, contribute to the stability of their tax positions and stimulate a climate Investing in Egypt to achieve comprehensive and sustainable development goals.
The Minister of Planning receives a report on the executive position of the Egyptian Family Development Project
Hala Al-Saeed, Minister of Planning and Economic Development, received a report on the executive position of the Egyptian Family Development Project until July 2022.
Dr. Hala Al-Saeed confirmed that the national project for the development of the Egyptian family aims to improve demographic characteristics for the first time, such as education, health, job opportunities, economic empowerment and culture, in addition to controlling population growth, adding that the project includes several axes, namely the economic empowerment of women, improving family planning and reproductive health services and making them available free of charge. For all, cultural awareness and educational interventions, in addition to digital transformation and legislative reform.
With regard to the economic empowerment axis, Dr. Amira Tawadros, director of the demographic center of the Ministry of Planning and Economic Development and supervisor of the family development project, indicated that the dates for the delivery of 24 health units affiliated to the Ministry of Health were set to be centers for family development and the implementation of field visits to three units that are about to expire, which is the Kafr unit Daoud in Beheira, Kom Ombo unit and Ballana unit in Aswan, specifying the medical services that will be provided in the health centers of the Family Health and Development Centers and the functional structure of the units, noting the provision of a number of productive training units at the headquarters of the National Council for Women’s branches in the governorates and local units, with the provision of productive training opportunities for graduates of the entrepreneurship program .
Egypt wins the presidency of the Emerging Markets Committee of “ISCO” for the second time in a row
Egypt, represented by Dr. Mohamed Farid, Chairman of the Financial Supervisory Authority, won the position of Chairman of the Developing and Emerging Markets Committee. GEMC Growth and Emerging Markets Committee affiliated to the International Organization of Financial Market Supervisory Bodies (IOSCO) during the period from 2022 to 2024, which includes in its membership representatives of the financial market supervisory bodies in the countries of the world.
Thus, the Financial Supervisory Authority retains the position of Chairman of the Developing and Emerging Markets Committee, thus also becoming the Chairman of the Financial Supervisory Authority as Vice Chairman of the Board of Directors of the International Organization of Capital Markets Regulatory Authorities, for the second time in a row, as the Chairman of the Authority will have two deputies in Isco, namely, the Capital Market Authority in the Kingdom Saudi Arabia and the Capital Market Authority of Turkey.
The position of the chairmanship of the Developing and Emerging Markets Committee had become vacant after the departure of Dr. Mohamed Omran, the former head of the authority, so that Dr. Farid would run for the same position and win, so that Egypt would retain this high-level international position for the second time in a row, which confirms the confidence of the international community in the Egyptian cadres and leaders to adopt and implementing policies to develop and develop financial markets globally.
Petroleum: 317 million cubic feet of gas per day, production of Rashid and Burullus 2021/2022
Engineer Tarek El Molla, Minister of Petroleum and Mineral Resources, affirmed that the increasing global demand for energy resources, especially natural gas, encouraged international companies to intensify research and exploration operations and develop discoveries with the aim of increasing production and benefiting from the current levels of global prices, pointing to the adoption of several countries for natural gas as a primary fuel for the transitional phase. Towards a complete energy transformation.
This came during the general assembly of Rashid and Burullus companies to approve the business results for the fiscal year 2021/2022.
Al-Mulla added that Shell and Petronas, partners of the petroleum sector in the two companies’ areas of operation, expressed their full commitment to intensifying their activities during the coming period to achieve new discoveries and increase production from these areas, which are still rich in promising reserves..
For his part, Engineer Mohamed Samir, head of Rashid and Burullus companies, reviewed the production rates during the year, as gas production amounted to about 317 million cubic feet of gas per day, at a rate of 158% of the target, and condensate production reached 6300 barrels per day, at a rate of 129% of the target, noting that Despite the challenges, production rates have been maintained normally.