Madbouly reviews procedures to boost transit trade
Updated 8/16/2023 9:36:00 AM
Arab Finance: Prime Minister Mostafa Madbouly has met with several officials to review the procedures required for bolstering transit and entrepot trade, according to a cabinet statement on August 15th.
Promoting transit trade covers partnering with international maritime transport stations and lines companies as well as providing incentives and signing long-term strategic deals with international navigation lines to ensure connecting the Egyptian ports to all the global ports, Minister of Transport Kamel Al-Wazir said.
This is in addition to improving the work environment, revamping customs, examination, and displaying system, along with setting up a long-term promotion plan for the logistics services system, he added.
Development plans also include reforming the legislative environment and the applied laws to facilitate the transfer of goods between various customs points.
Al-Wazir pointed out that the Ministry of Transport is targeting increasing the country’s share of transit trade in the Red Sea and Mediterranean basins.
He added that the ministry partnered with five international consortia to manage and operate five new stations that will be specialized in direct and indirect trade.
Moreover, he added that the ministry plans to build 15 dry ports and logistics zones across the country to accommodate 6 million twenty-foot equivalent units (TEUs) annually, in addition to upgrading the infrastructure of seaports.
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