The country has approved amendments allowing for companies whose foreign investors’ share is over 49% to be registered in the importers’ record. The measure aims to facilitate foreign investment.
Browsing: egypt imports
The Egyptian food company participated as an exhibitor at the show in São Paulo. The company’s president was enthusiastic about the business opportunities he found for citrus fruits and garlic in Brazil.
The dollar’s exchange rate surpassed EGP 23 in banks this Thursday (27). Business people are waiting for exchange rate stability to restore the prices of products, especially imports.
The company’s CEO estimates an annual volume of imports of approximately USD 60 million from Brazilian firms.
The Egyptian government facilitated clearance to avoid the accumulation of goods in ports and reduce the cost of products for the population.
After getting through the pandemic, now Egypt’s food industry faces supply shortages. The situation is worrying given the demand of Eid, the holiday that marks the end of Ramadan.
The Egyptian government will offer an incentive to local farmers selling wheat to the Ministry of Supply and Internal Trade.
Egyptian banks were instructed to only accept letters of credit for import operations from early March. Entrepreneurs from the sector plead for a reversal of the measure.
The Arab country stepped up by 319% its beef purchases from Brazil and ranked second among the leading importers, only behind China.
According to an announcement made in the Global Halal Brazil forum, electronic platform Ellos will be used for all imports in Egypt. The system allows for digitally issuing and checking trading documents.
