Minister of Industry and Foreign Trade Tarek Kabil announced the new export support programme will include seven axes.
Kabil said that the first axis focuses on securing local manufacturing by raising the proportion of local components and increasing the added-value, which will lead to increased support funds granted to exporters.
The second axis includes promoting infrastructure for export, and supporting shipping lines, exports to African countries, and Egyptian exhibitions in Africa, stated the minister.
The third axis is related to developing Upper Egypt and border areas, as the ministry is granting an additional 50% of the basic export support to factories located in these areas. The Export Support Fund is currently aiding 100 companies and factories in Upper Egypt and aims to expand the number of companies benefitting from it in the mentioned areas.
“The fourth axis includes increasing exports. This axis aims to stimulate exporters to achieve rapid growth in exports by providing an additional fund for the increase in exports. The junior exporters would fund more than the senior exporters,” Kabil said.
“The fifth axis will focus on developing small enterprise export by granting junior exporters an additional 2% on the basic support fund, 60% off the cost of specialised quality certificates, and support in the form of 80% of costs in foreign exhibitions,” continued Kabil.
The sixth axis is enhancing access to Africa and other new markets by awarding the exporters to African countries an extra 2% on the basic support rate, and the government would lift 50% of the cost of shipping to Africa.
Additionally, exporters to the new markets will be granted an extra 50% on the basic support rate, especially those to the markets of Russia, China, and South America.
The last axis includes raising the quality of Egyptian industry through specialised quality certification programmes.
The Export Support Development Fund’s board agreed on the new axes of the export support programme, which was scheduled to be applied in July 2016.