The Egyptian Minister of Industry & Foreign Trade, Mr. Rashid Mohamed Rashid, confirmed the cancellation of custom duties levied on Egyptian cement imports yesterday, which pertain to 10% for bulk cement and 20% for packed cement.
The decision came as a first of the ’Custom Tarrifs Ammendment’, which intends to reduce tax duties on basic economic commodities.
The Minister stated that the cement industry’s oversupply is currently being directed towards exports, which sums to between US$180-200 million, reporting that a strategy is to increase this amount up to US$300 million by 2005.
The Minister further stated that government intervention is discouraged with respect to stake ownership in local cement companies, emphasizing that no further restrictions shall be placed on additional foreign stakes, irrespective of their total market share.
