Ali Moselhi, the Minister of Supply and Internal Trade, said during the activities of the Nebio Gold and Jewelry Exhibition, that the ministry decided to cancel valuation fees on exports of gold artifacts in the new draft minerals law, within the framework of the strategy to develop the gold industry in Egypt.
Moselhi emphasized that the strategy for developing the gold industry in Egypt was prepared with the aim of expanding and pumping more investments to meet the demands of foreign markets, as well as reducing unemployment rates by employing a larger number of workers in factories and increasing gold export revenues.
Ehab Wassef, the head of the Gold and Precious Metals Division at the Federation of Industries, noted that the trend to cancel the 0.5% valuation fee for gold artifacts exported abroad, which is set at 0.5%, will encourage exports and increase the hard currency in Egypt, as well as with a noticeable decline in sales of gold artifacts in the country.
He explained that the abolition of fees contributes to supporting the gold industry to have a strong presence in the international markets with Egyptian products, which have become of international quality and can compete in foreign markets.
Contributed by Israa Farhan @Walid Farouk
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