Cairo: Minister of Investment and External Trade Hassan ElKhatib announced Monday that Egypt plans to reduce customs clearance time to save $284 million.

According to State Information Service Egypt, the announcement was made during the “Future of Egypt’s Engineering Industries Exports” conference, organized by the Engineering Industries Export Council, as detailed in a statement released by the investment ministry.

The statement outlined that the plan will be executed in two phases. The first phase aims to reduce clearance time to four days, enhancing the efficiency of customs operations. The second phase will further cut the clearance time to just two days, which is expected to boost commercial competitiveness, lower logistical costs, and save an estimated $284 million. This initiative is anticipated to positively impact the business environment and Egypt’s economy.