New program to augment Egypt's annual exports volume to 10 percent

Minister of Economy and Foreign Trade Youssef Boutros Ghali submitted to Prime Minister Atef Ebeid his Ministry's export development program in the year 2000 which aims at increasing the volume of services and commodities exports to no less than 10 per cent annually.

Ghali said that a host of comprehensive measures will be adopted to increase finance for investment projects oriented for export.

He said the Ministry plans to form the Egyptian Exporters Federation in order to organize such vital sector and protect the interests of the Egyptian exporters.

"The program also includes the establishment of a national institution with several branches in export outlets to provide the Egyptian exporters with necessary data on export opportunities and foreign market potentials," Ghali said.

He added that the Ministry will seek the assistance of big world marketing companies to promote Egypt's exports and clinch export deals on Egypt's quality products and commodities capable of competing in the international markets.

"The program will also modify Egypt's exports lists so as to focus on manufactured and semi-manufactured commodities to be marketed in stable foreign markets," expounded Ghali. He went on to say that some airports will be assigned for shipping agricultural crops and encourage the private sector to set up shipment companies so as to decrease the costs of shipment as well as expanding in establishing Egyptian specialized marketing companies.

Ghali added that the a committee will be set up to solve all encroaching problems of the drawback system and revise the required documents so as to facilitate this system.

On another plane, Minister of Finance Medhat Hassanein has recently issued a decision to modify the procedures of the drawback and tax rebate systems imposed on export activities as a bank will be assigned to an immediate repay of the customs fees and taxes offered by Egyptian exporters.