Egyptian government will launch measures to protect the textile industry

Ahmed Seoudy, head of Egypt's Customs Tax Bureau, announced that the Egyptian government will soon introduce measures to protect the local textile industry. For this purpose, the Customs Tax Bureau will hold a meeting this week to consider the revision of tariffs and tax rates on textile products.

The Egyptian Industry Coalition and the Ministry of Industry have asked the Ministry of Finance to take measures to maintain domestic industry.

Mr. Seoudy listed a number of measures, including the revision of the quantity of imported fabrics, which is currently temporarily exempted from customs, with the aim of keeping the quantity of imports consistent with the actual needs of the unit.

He also suggested reducing the grace period for reselling fabrics from two years to one year before reestablishing tariffs.

He said that all transactions related to raw material inputs needed for production will be closely monitored to prevent these commodities from entering the black market.

In addition, he also revealed that it would not pre-announce the increase of tariffs in order to prevent dealers from hoarding commodities and to sell them at high prices in the future.