Finance Minister Mohamed Ma’eit stressed the importance of supporting the industry to turn global crises into supportive development opportunities for the Egyptian economy.

In statements on Tuesday, the minister said that EGP 1.1 billion was allocated in the new budget to set up utilities in 13 industrial complexes in Egypt’s governorates with the view to providing a stimulating infrastructure for small, medium and micro enterprises (SMMEs) owners and creating more job opportunities in a way that is consistent with the simplified tax treatment for these projects.

Over the past years, many tax and customs incentives were approved to boost local production, lay the foundations for industrial development and promote local industrialization, particularly in the agriculture and industry domains, to achieve self-sufficiency in food and strategic commodities, the minister added.

Source: State Information Service Egypt