The continuation of exports fees on several mineral raw materials for one more year decided the Egyptian Minister of Trade and Industry Nevine Gamea to support the local industry and economy, especially during the ongoing COVID-19 crisis.
Specifically, the decision that enters into force on February 9 complies with the ministry’s new strategy to boost the added value of primary products rather than exporting them in the raw form, according to the Assistant Minister of Trade and Industry for Economic Affairs, Ibrahim Al-Seginy.
The ministry plans to encourage the local industry by providing production requirements locally and maintaining the local stock of ores from mines and quarries. The decision also encourages mining activities and simplifies procedures for local investors.
Addressing the views of concerned authorities, Al-Seginy explained that this decision is based on studies and analyses of exports data from the General Organisation for Export and Import Control.
Al-Seginy emphasised that annual studies are carried out to determine whether the export fees can be modified or continued based on a variety of indicators. These factors include the raw materials development and their international and local prices.
Concluding, Al-Seginy indicated that the export fees currently imposed on these mineral ores have contributed to maintaining exports at the standard rate, pointing out that the increase in sand exports last year by 47% required an increase in the export fee to EGP 150 per tonne instead of EGP 100 per tonne.
Source: dailynewsegypt.com
