Finance Minister Mohamed Maait affirmed the government is acting through various stimulus packages aimed to stimulate the national economy by flexibly, positively and rapidly dealing with requirements to help the country in its economic recovery from the current global crisis and containing its varied negative impacts.

The economic world crisis increased inflation rates unprecedently, disrupted supply chains sharply and upped shipment costs and prices of goods and services, added Maait in a statement by his ministry.

The minister said strenuous and painstaking efforts were exerted to encourage investments and maximize local production, citing a set of tax and customs incentives and measures supporting the national industry.

Efforts are increasingly focused on luring more investors who seek to do business in manufacturing electric cars with a raft of stimulus packages and encouraging investments in other vital sectors such as IT, digital transformation and the textile industry, he pointed out in the statement.

Source: State Information Service Egypt