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FINANCIAL NEWS
Egypt issues tough rules on imports
04 Jun 2017
(MENAFN) Egypt’s Trade Ministry has issued tough rules on imports by raising the minimum capital they need to operate, which is part of the government’s effort to curb foreign-made goods.
Furthermore, the minimum capital needed for the smallest firms to record was hiked to 500.000 Egyptian pounds from 10.000 pounds previously.
In addition, the new regulations also raise the minimum capital required for a mutual stock firm to get recorded to 5mn pounds.
However, import-dependent Egypt is struggling to revive its economy and curb a trade deficit since a 2011 uprising drove away tourists and foreign investors.
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MENAFN0406201700450000ID1095532676
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