22/08/1997
Al-Akhbar Newspaper 1997/AUGUST /22
Yesterday, all maritime-, air- and land ports have started implementing the decrees, adopted by President Mubarak, to reduce customs tariffs. The decrees are applicable for 46 customs items, covering production commodities and requirements. Items have been reviewed with industrialists, businessmen and investors. ( Available in Arabic )
Industrialists, investors and businessmen assert that customs reductions have achieved great objectives in alleviating burdens off producers and have confirmed the state concern for industry. According to businessmen, the new decrees establish equilibrium between Egypt’s commitment to GATT and the protection of our national industry against non equivalent competitiveness within this phase. Industrialists assert that the state, in relinquishing part of its share of customs duties, will help achieve greater gains, where production will increase, factories will be established, job opportunities will be provided and exportation will be magnified. As for tradesmen, they expect a great revival within local markets, particularly the gold market. Economists assert that there are further procedures under study, which are to be announced soon, all emphasizing the government concern for development and giving the chance to the private sector to study its role in the coming phase.