(AFP File Photo)
By Doaa Farid
New criteria for supporting exports in fiscal year 2013/2014 will be discussed in a Tuesday meeting for the board of directors of the Exports Support Fund.
“The meeting will include the suggestions of the exporting councils to increase the exports in the coming period,” said Khaled Ibrahim, chairman of Engineering Industries Exports Council.
The meeting will involve the ministers of Finance, Industry and Foreign, Tourism and Agriculture along with the chairmen of the exporting councils.
According to Ibrahim, the allocated budget for supporting exports is EGP 3.1bn in the state’s budget, and there is a general inclination within the government to reform the criteria by which these funds are allocated.
Previously, he said, support had been based on the “local aspect” of the product, for example stipulating that more than 40% of the workers be Egyptians.
“We call on the government to postpone discussing the exports support until we overcome the current turmoil,” he said, adding that the exporting councils need more time to review the new criteria.
Mohamed Qasim, the chairman of Clothing Exports Council, meanwhile said that he respects the government’s goals to encourage new exporters and small projects, but added “the state should provide additional funding.”
