Egyptian export - Final approval
LAST week Prime Minister Ahmed Nazif approved a new system regulating government export support for the next three years.
The new regulations, which go into force retroactively from July 2010 by the Export Development Fund, are based on evaluating the financial assistance provided to exports according to the added value of the product. The added value is estimated according to the share of local components used in manufacturing each product.
The new regulations are applied in cooperation with the export councils that determine the maximum price of each product to help estimate the sum paid to these exports.
The new system provides financial assistance ranging from five per cent to 10 per cent to exports according to the added value of each product. It also includes providing 50 per cent of the transportation costs for three years. The latter is an additional support for Egyptian exports to Africa except for Libya and Sudan.
Furthermore, exporters from southern governorates will continue to enjoy extra 50 per cent support for the next three years. Egyptian exports to China, Russia and Kazakhstan will also enjoy 50 per cent as extra financial assistance.
Al Ahram Weekly
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