These include raising the minimum capital to enlist individual importers from EGP 10,000 to EGP 500,000. Moreover, the Importers Record Law saw the introduction of a new condition on the minimum limit of doing business. EU, US, and others unwelcome the decreeMeanwhile, newly adopted Egyptian policies have been perceived by many international actors, such as European Union (EU), as unfriendly. The new measures will negatively affect not only foreign investments but also the European exporters and the Egyptian importers,” Moran said. About 30% of importers will exit the market because of the new controls on executive regulation of importers’ record, according to El-Naggar.

Source: Daily News Egypt June 12, 2017 06:00 UTC