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Industry in Egypt

  • Ethiopia: Praising Record Feat, Lagarde Emphatic Calling for Reforms

    BOTSWANA, 2018/01/06 The Managing Director of the International Monetary Fund (IMF), Christine Lagarde, is to arrive in Addis Abeba today, to start what is a historic visit by the Fund’s most senior official since its founding next the Second World War. She will be talking to Ethiopian authorities, inclunding Prime Minister Hailemariam Desalegn, on issues of macroeconomic stability and monetary policy matters. In her exclusive interview with (Addis) Fortune, Lagarde praised Ethiopia’s economic performance of the completed few years as “strong” with “positive Prospects”. However, she would like to see Ethiopian authorities exercise restraints in “public spending” while urged them – rather emphatically – to control borrowing from overseas to finance public projects and strengthen export competitiveness.
  • Egypt to apply new round of customs deductions on EU-imported cars

    EGYPT, 2016/01/02 Egypt will apply a new phase of 10 % cuts on customs of vehicles imported from the European Union in accordance with a comprehensive EU-Egyptian trade agreement, sources at the Cairo airport customs said on Saturday. “These reductions will be applied upon the arrivals of the owners of modern European cars in all the Egyptians ports and airports,” the sources said. The EU-Egypt Association Agreement, which entered into force in 2004, provides that customs duties on vehicles "shall be reduced by 10% annually starting six years next the entry into force of the Agreement, or January 2010, with duties completely eliminated within 16 years next entry into force of this Agreement," according to the official website of the EU.
  • Egypt may reopen the legendary Al Nasr carmaker

    EGYPT, 2013/05/26 The Al Nasr company, which once assembled Fiat cars in Egypt, may any minute at this time be resuscitated. In Cairo - where the word 'Fiat' was once used as a synonym for 'car' - Military Production Minister Reda Hafez spoke of this possibility during a recent visit to one of the company's facilities in Helwan, which once had 4,000 workers compared with the current 234.
  • Steel industry uncertainty

    EGYPT, 2013/03/28 Next several years of strong request increase, the economic slowdown and investment uncertainty associated with the 2011 revolution and its aftermath have dampened steel consumption in Egypt, leaving potential supply above request. This gap half explains the government's decision to impose import tariffs, the rationale being that Egypt should not need imports if its domestic supply outstrips its own needs. For steel consumers, however, it is not necessarily that simple. They feel they should be free to import cheaper foreign products.