Finance Min.: Volume of Investments in Egypt “Unprecedented”

Mohamed Maait, Minister of Finance said on Tuesday that volume of investments in development projects in Egypt is unprecedented under the wise leadership of President Abdel Fattah El-Sisi.

Maait added that the government with its various sectors is working to support exports and design appropriate policies in a way that helps reduce customs clearance times, referring to the existing cooperation between the Ministries of Finance and Transport in developing seaports and establishing logistical centers.

He pointed out that the transport sector is the engine of economic growth due to its significant impact on internal and external trade, adding that maximizing the competitiveness of Egyptian exports is linked to increasing production capacity and the ability to deliver goods to foreign markets at the lowest cost.

This came during the minister’s speech today at the Transportation and Logistics Fair and Forum for the Middle East and Africa (TransMEA), in the presence of Transport Minister Kamel El-Wazir, Osama Rabie, Chairman of the Suez Canal Authority, and Engineer Yehia Zaki, Chairman of the General Authority for the Suez Canal Economic Zone (SCZone).

"The transport sector is one of the most vital sectors in the state, which is directly related to all other sectors,” the minister said.

He added that a ministerial committee was formed to develop an initial vision for the customs release within 3 days, and up to one day. Maait revealed the automation of a number of logistical centers, such as Ain Sokhna, Alexandria and Damietta, with the aim of managing all ports electronically from one window.

“We are obliged to make room for the participation of the private sector in development projects,” he added,  explaining that the next stage will witness strengthening cooperation with the Ministry of Transport in implementing its projects in a partnership with the private sector.

He explained that the new customs law includes many international practices that have resulted in a breakthrough, including: the prior information system and pre-release, multimodal transport, electronic commerce, dry ports, external customs warehouses, and electronic linkage with all the parties operating inside and outside the port.

"The volume of investments that Egypt is witnessing with the participation of the private sector in development projects has not been observed before," he pointed out.

"Each day deducted from customs clearance, saves the state $ 500 million and thus brings goods at a lower cost to Egyptians," he concluded.