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Wednesday, 5 May 2021

We’re getting our export council back

Egypt is resurrecting a council responsible for overseeing the country’s exports, according to a presidential decision green-lit today during the weekly cabinet meeting. The body — which will be headed by the president and composed of the prime minister, the central bank governor and several cabinet ministers — will be responsible for increasing the country’s exports, including setting nationwide policies, as well as goals for legislative and administrative reforms supportive of trade and export growth.

Your export subsidies are under new management: The council will also be in charge of keeping tabs on export markets and helping businesses identify potential oversea markets. It will also aim to maximize the benefits Egypt gets from international trade agreements, and oversee the existing export support program.

Structural reform agenda item #1? The decision comes a week after the prime minister announced a new round of economic reforms, a chief objective of which is increasing exports in the manufacturing, telecoms and IT, and agriculture sectors.

Also from today’s cabinet meeting:

The government could soon be turning its focus to overhauling tourist sites in Sharm El Sheikh under a directive from President Abdel Fattah El Sisi to get the Red Sea resort town ready for the return of tourists post-covid. Proposed projects include modernizing facilities in Naama Bay and King Abdullah Street, and improving the city’s security and surveillance infrastructure.

Cabinet approved amendments to the executive regulations of the Public Enterprises Act of 1991. The statement did not specify what the amendments were.

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