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The Investors Union intends to address the government to address the phenomenon of smuggled fabrics



Mohamed Al-Morshedy, Vice President of the Egyptian Federation of Investors Associations, said that the federation intends to address the government to take measures to address the phenomenon of illegally smuggled fabrics and goods, which negatively affects the national industry due to unequal opportunities between local products and their smuggled counterparts, and at the same time negatively affects The state's revenues from taxes and customs duties imposed on these fabrics, which cause a loss of about 100 billion pounds on the budget, according to his estimates.

 

Al-Morshedy added to Al-Youm Al-Sabea that although the textile and clothing sector in Egypt has been negatively affected by the repercussions of the emerging Corona virus pandemic, due to the decrease in demand locally and globally, manufacturers are still maintaining employment, despite the fact that textiles are labor-intensive industries. The government should provide a good investment climate for manufacturers at the present time, and not ask them to incur additional burdens at the time to keep the production wheel going.

 

Mohamed Al-Morshedy praised the state’s performance in facing the challenges of the emerging corona virus pandemic, both at the health level, by providing a distinctive health system and starting vaccination with the vaccine to prevent infection with the virus, and at the same time launching a package of decisions supporting the economic climate in Egypt, while the political leadership’s efforts continued to provide initiatives to encourage The national economy, the latest of which is a decent life initiative to develop poor villages.

 

The Vice President of the Egyptian Federation of Investors Associations also praised President Abdel Fattah El-Sisi, President of the Republic's decision to increase the minimum wage in the budget for the next fiscal year 2021/2022, adding that the decision came from a national humanitarian standpoint to support employees in facing the challenges of the high cost of living, noting that the private sector has already The government increased the wages of workers during the last period, and succeeded in disbursing more bonuses and preserving employment.

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