Egypt Applies Zero-Customs for Gold Expo Participants

An exhibitor displays gold jewelry to a client during the last edition of the Nebu Expo for Gold. (Asharq Al-Awsat)
An exhibitor displays gold jewelry to a client during the last edition of the Nebu Expo for Gold. (Asharq Al-Awsat)
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Egypt Applies Zero-Customs for Gold Expo Participants

An exhibitor displays gold jewelry to a client during the last edition of the Nebu Expo for Gold. (Asharq Al-Awsat)
An exhibitor displays gold jewelry to a client during the last edition of the Nebu Expo for Gold. (Asharq Al-Awsat)

Egypt approved a zero-customs policy for participants of the Nebu Expo for Gold and Jewelry, scheduled for the end of November.

Head of the Gold Division at the Cairo Chamber of Commerce, Hani Milad, announced that the Egyptian Customs Authority agreed with the Assay and Weights Authority to exempt international participants from gold customs and taxes, allowing them to bring their products in their luggage.

The third edition of Nebu will be held between Nov. 25 and 27 amid a rise in the price of gold.

Milad explained that exhibitors in the past two editions had to agree with a shipping company and pay customs and tax duties, which affected the percentage of participants.

However, he expects the number of international participants to double with the new facilities introduced, as long as the incoming shipments will be re-exported with the exhibitors.

Authorities aim to transform Egypt into an international and regional center for gold and jewelry.

According to a document seen by Asharq Al-Awsat, there are 13 steps in the new plan, beginning with the Gold Division notifying the Assay and Weights Authority with a list of names and data of the international exhibitors scheduled to participate in the expo.

It will also include a detailed statement of the types and specifications of the artifacts accompanying the exhibitor.

The document stated that the Assay and Weights Authority would inspect the jewelry and coordinate between customs, exhibitors, and organizers.

Egypt International Exhibitions Center Customs will deliver to the exhibitor a temporary release permit and a secured safe containing the artifacts imported with them. Before departure, they must provide the safe to the authorities for examination and verification.

Head of Assay and Weights Authority Ahmed Soliman approved the new procedures during a meeting with representatives from the Egyptian Customs Authority and the Gold Division.

Gold Division spokesman Wael Shahboun stated that these measures would double the number of international exhibitors at the expo, which supports Egypt’s efforts to transform into a global and regional hub for gold and jewelry.

Shahboun pointed out that most of the exhibitors in the upcoming Nebu exhibition are from Türkiye and Italy.

He told Asharq Al-Awsat that the government is expected to extend the customs and tax-free period for gold imports for another six months.

The Gold Division had submitted a request to the cabinet to exempt gold imports carried by passengers from customs and taxes for another six months.

Shahboun explained that there are indications that the government would agree to the extensions, backed by Minister of Trade and Supply Ali el-Moselhi and the shortage of raw gold and dollars in the country.



French People Need to Work More to Boost Growth, Minister Says

French Minister for the Economy, Finance and Industry Antoine Armand arrives to attend a governmental seminar at the Hotel Matignon in Paris, on November 4, 2024. (AFP)
French Minister for the Economy, Finance and Industry Antoine Armand arrives to attend a governmental seminar at the Hotel Matignon in Paris, on November 4, 2024. (AFP)
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French People Need to Work More to Boost Growth, Minister Says

French Minister for the Economy, Finance and Industry Antoine Armand arrives to attend a governmental seminar at the Hotel Matignon in Paris, on November 4, 2024. (AFP)
French Minister for the Economy, Finance and Industry Antoine Armand arrives to attend a governmental seminar at the Hotel Matignon in Paris, on November 4, 2024. (AFP)

People in France must work more, Finance Minister Antoine Armand said on Monday, adding that the fact that French people worked less than their counterparts in Europe was harming the economy due to lower tax contributions and social security payments.

The government is examining reforms to speed up its sluggish economic growth, although changes to work practices are often opposed by trade unions.

"On average, a French person works clearly less than his neighbors, over the course of a year," Armand told C News TV.

"The consequence of this is fewer social security payments, less money to finance our social models, fewer tax receipts and ultimately fewer jobs and less economic growth."

France, the euro zone's second biggest economy, wants to cut its public deficit to a targeted 5% of GDP by 2025.

The country's 35-hour work week, introduced in 2000, has typically been fiercely defended by trade unions, while reforms to France's pension system have also faced widespread protests.

"Let's all work a bit more, collectively speaking, starting off by making sure that everyone respects the working hours that they have been given, in all sectors," Armand said.