Trade Ministry: New subsidy program will increase exports

Trade Minister Adviser Abla Abdel Lateef has said that the new program subsidizing exports will double the current rates of exporting.
On the sidelines of meeting with the Engineering Export Council of Egypt, Abdel Lateef indicated to talks with Finance Ministry over possibility of increasing subsidy of exports, which currently reaches LE3.1 billion.
The new program, which will be applied in July, included set of standards according to which subsidy could be obtained. A specific part of the subsidy will go to the exporter. The value of subsidy will increase, as some procedures increase depending on new energy, following programs to rationalize use of traditional energy and opening new markets.
A greater subsidy will be obtained if the export develops small industries and provides jobs.
Establishing export council for junior exporters, according to Abdel Lateef, targets encouraging them to get engaged within markets and exporting field as they face problems different from those faced by the senior exporters and hence the their own councils will be a chance to surpass the obstacles they encounter.
Khaled Ibrahim, head of the council, said total engineering exports represent 11 percent of the Egyptian exports, adding that the state offered strong incentives for the sector between 2005-2008.
New strategy has been drawn in the council that targets entering markets of 31 countries, he added. Five markets will be entered soon including Saudi Arabia, Algeria, Kenya, Italy and Kazakhstan.
Edited translation from Al-Masry Al-Youm

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