Egypt allocates billions to support industry and exports in 2022/23 budget

Egypt allocates billions to support industry and exports in 2022/23 budget

Egyptian Finance Minister Mohamed Maait announced Tuesday that six billion LE has been allocated in the new budget to support and develop exports, a show of the government’s keenness to support the export sector in facing economic crises.

He added that five billion LE was also allocated to support reducing the price of electricity for the industrial sector.

This will contribute to stimulating investment and increasing the participation of the private sector in various economic activities, preserving the country’s safe economic path.

Maait stressed the industry’s continued support to transform these current global crises into development opportunities that support the Egyptian economy.

He said this will contribute to enhancing the state’s production capabilities in various sectors, achieving food security, expanding the export base, and increasing the competitive strength of Egyptian products in international markets.

The minister added that LE1.1 billion has been also allocated in the new budget to complete the installation of 13 industrial complexes across the nation to provide a stimulating infrastructure for owners of small, medium and micro enterprises, and create more job opportunities in a manner consistent with the simplified tax treatment prescribed for these projects.

Supporting domestic production

During the past few years, several tax and customs incentives were approved to deepen