Egypt has released $23 billion worth of imported goods, merchandise and products from the country’s ports and customs since January, announced Minister of Finance Mohamed Maait on Monday.
Speaking at a press conference, Maait emphasized that the acceleration of the customs release process prioritized basic commodities, food manufacturing products, and pharmaceuticals.
Egypt is also aiming to maintain the full operation of its production wheel and reduce importers’ burden by reducing fines and providing basic commodities to its citizens, he added.
The average monthly release of goods at customs outlets is valued at $5 billion, according to the finance minister.
“We are committed to achieving targets to reduce customs clearance time, decrease the costs of import and export procedures, and encourage investment by developing the customs system in accordance with the latest global standards, while protecting the domestic market from substandard goods that do not comply with specifications,” confirmed Maait.
Egypt is facing a shortage of foreign currency due to the high cost of imported goods and is experiencing a record-high inflation rate as the value of its national currency has been lowered more than once.
The ministry of finance also supports state efforts to secure a sustainable reserve of basic and food commodities for a six-month period to reduce the negative effects of supply chain disruptions and imported inflation, he stated.
To prevent accumulation at the ports, Egypt continues to facilitate release procedures, said the finance minister.
The government will also reduce the costs incurred by investors and importers, who have exceeded the deadline for completing customs procedures, by not collecting custom fines from them, Maait said.
Additionally, shipping agencies are now allowed to transfer imported goods from ports to warehouses and dry ports in the name of the shipping agency or importer.
“Shipping agencies have been allowed to transport imported goods from ports to warehouses and dry ports outside customs outlets, with the transport being carried out in the name of the shipping agencies or in the name of the importers, according to the prescribed procedures,” said Maait.
For his part, the head of the Egyptian Customs Authority Shahat El-Ghatwary confirmed that the highest levels of readiness and preparedness have been raised at customs outlets.
“This will help make customs officials ready to complete customs clearance procedures for goods at ports as soon as the documents are completed in cooperation with stakeholders and coordination with relevant authorities,” said El-Ghatwary.
According to El-Ghatwary, working hours have been doubled and shifts have been extended.
