The pressing request for foreign currency in Egypt in the past years has been entirely reshaping the import process. In light of recent events, GOEIC is now giving priority to new categories of regulated products.
In order of importance, these are:
- Raw materials
As reported by the local newspaper Al-Monitor, on July 16, 2014, the Ministry of Trade, Industry and Small Industries announced a ban on the export of feldspars, quartz, talc and manganese, at the same time imposing, respectively, 200 ($26) and 50 ($6.5) Egyptian pounds per ton on the export of marble/raw granite and sand. Currently, there’s been a decisive change of course in the governmental approach to this issue and, in order to promote foreign currency circulation, raw material imports have been given the highest priority.Their importation has been encouraged by the Government with the application of lower Customs fees to these specific goods.
- Industrial equipment
According to the Oxford Business Group, despite the Arab Spring and the recent political instability, Egypt’s industrial sector remains a driving force of the economy and a key solution to fight youth unemployment, yet its recovery is still incomplete. Industries are one of the most important non-government recipients of bank credit and they have been increasingly obtaining loans. Egypt’s government has consequently rolled out a strategy focused on the empowerment of small and medium-sized enterprises (SME), value-added industries and financing channels.
- Home appliances and accessories
Last but not least, these items are also given prominence on this list in third position, taking into account the high Egyptian household demand to satisfy domestic needs.
If you want to know more, or need help to export your goods to Egypt, feel free to contact us.