The head of the export council for engineering industries, engineer Sharif Al-Sayyad, praised the economic conference’s holding on October 23 and emphasised that it would address issues facing engineering factories, find solutions to help those factories export their products, and lessen the heavy burden the sector is currently bearing as a result of the current global crisis.
Al -Sayyad stressed, through press statements, the need for the economic conference to address a number of major files to support the industry and export, including the need to accelerate the disbursement of export support dues in a maximum period of 40 days, noting that the exporting factories need emergency financial liquidity from support programs to pay part of the productive costs which increased noticeably from the start of the Ukrainian-Russian War to the Korona Virus Pandemic, which led to high production costs to rates exceeding 25 to 35%.
In light of the distinctive quality of Egyptian exports, the head of the Export Council for Engineering Industries emphasised the need for intervention to lower production costs, which gives a greater opportunity to be present in national products in new markets, provided that the initial steps to lower the final cost of the product are to remove customs on imported inputs and components and work to provide incentive packages to attract investments in the components
The council has a clear working paper that includes all the issues facing the engineering industries sector and can be presented for discussion in order to increase engineering exports, he concluded, and the economic conference will be followed by clear outputs that can help to lessen the burden on the industrial sector under the current circumstances.
Engineering Industries: The Economic Conference provides a chance to find solutions to issues affecting the Egyptian industry.
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