Wednesday, January 11, 2012

Egypt to stop imports of certain items regarded as luxury goods!

The Egyptian Ministry of Industry and Trade created a list in cooperation with the Ministry of Finance to stop the import of luxurious products and thus, stop the depletion of foreign currency, according to AlMasry AlYoum newspaper.

The Minister of Industry Dr. Mahmoud Eissa told the newspaper that the list contained luxurious commodities that would not affect the production line and only represent a minor percentage of inflow.

Eissa added that the list would be ready by next week, and it would be immediately implemented at the customs department. He explained that it was necessary for such decisions to be made now, since it would save this country a lot of foreign expenses.

President of the Importers-Department in the Cairo Chamber of Commerce Ahmed Shiha clarified to AlMasry AlYoum that there are not more than 10 types of “provocative products”, which is less than 5% of all imported goods.

Shiha gave an account of some of the mentioned commodities, such as cat and dog food, Korean lettuce, chewing gum, alcohol, cigarettes, and pork-based products. The customs and sales tax implemented on these products by the government are between 50% and 300%, in order to decrease their import.

President of the Importers-Department in the Chambers of Commerce Union Hamdy AlNagary added: “The list contains vine leaves, ostrich-meat, red caviar, jumbo shrimps etc. The total of inflow from these products sum up to about $4 billion annually, according to the Import and Export Control Panel.”


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