FEDCOC Urges Increased Support For Manufacturers, Advocates For Tax Exemptions

(MENAFN- Daily News Egypt) Ahmed Zaki, Secretary-General of the Exporters' Division at the Cairo Chamber of Commerce, Chairperson of the African Affairs Committee at the Federation of Chambers of Commerce (FEDCOC), and Chairperson of the Export Committee at the Council of Arab Economic Unity (CAEU), has called for a complete restructuring of Egypt's economic system to address pressing challenges. Zaki emphasized the need to empower youth to lead the nation's economic transformation, harnessing their innovative ideas to drive industrial development and marketing strategies. He noted that many young Egyptians have already achieved significant success in neighboring countries, making them a vital asset to the nation's growth.

Zaki also pointed to the ongoing crisis facing the private sector, particularly the numerous factory closures over the past few years. He urged the government to investigate the root causes of these shutdowns and take decisive action to revive these factories. Reopening these plants, he argued, would alleviate unemployment and provide much-needed job opportunities for the workforce.

As part of the solution, Zaki called for a stronger focus on localizing industries, promoting export growth, and addressing systemic issues, such as the delays in goods clearance at ports, which could disrupt the entire industrial sector. He advocated for greater support to manufacturers, urging the government to help investors develop their products, enhance quality, and expand production capacity in order to lower costs and improve competitiveness.

On the issue of interest rates, Zaki acknowledged the government's efforts to introduce initiatives and facilitate loans, which he believes are crucial to reopening factories and stimulating industrial activity. However, he stressed the need for additional measures, such as offering tax exemptions for no less than two to three years. This would allow factories to grow, add new production lines, and establish additional facilities, ultimately boosting the sector's contribution to the economy.

Zaki also highlighted the importance of providing manufacturers with better access to market intelligence, especially information about foreign markets. This, he said, would help expand Egypt's export footprint and improve the global competitiveness of local products.

Supporting exporters, increasing reimbursement for export-related expenses, and strengthening Egypt's position in global trade were also key points in Zaki's recommendations. He urged the government to allocate necessary resources to ensure that Egyptian manufacturers can thrive in the international marketplace.

Finally, Zaki called for fresh leadership in Egypt's industrial and commercial sectors-individuals with the expertise and innovative ideas required to drive the country's economic system forward. By bringing in new faces and empowering youth, Zaki believes Egypt can achieve a sustainable and dynamic economic future.

MENAFN05012025000153011029ID1109055561