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The commercial community received the directives of President Abdel Fattah El-Sisi, excluding production requirements and raw materials from the documentary credit procedures that were recently applied to the import process and returning to the collection document system with a wide wave of welcome and satisfaction.
Ibrahim Al-Arabi, head of the General Federation of Chambers of Commerce, confirmed that the President’s decision came to end a major crisis that the markets would have faced due to a shortage of raw materials needed for local manufacturing. Pointing out that the decision will reduce the increasing demand for the dollar, which will reflect positively on its availability and price discipline. It will also contribute to accelerating the pace of domestic production of many products, which will restore balance in price movements and reduce inflation rates that have risen at an increasing pace during the past months, and will also provide greater opportunities for the industry. local growth and spread.
Al-Araby stressed that the movement of prices for all products in the local markets will begin to be disciplined with the start of the implementation of the competent government agencies of the presidential directives, due to the return of industrial and agricultural production rates to normal after they faced a wave of disruption due to the lack of production requirements and the necessary raw materials.
The General Federation of Chambers of Commerce also praised the president’s initiative to support and localize the industry to rely on the local product, reduce imports of finished products, and go towards providing the production inputs necessary for manufacturing and exporting. By strengthening the role of the private sector in the localization of many large industries and by encouraging medium, small and micro industries.
The markets had faced successive price movements, despite all the efforts made by the state and the private sector to provide the largest possible supply of necessary products in the markets. However, the high prices of production inputs due to their unavailability had an inflationary effect on prices, due to the low production rates affected by the lack of supply from Raw materials during the months.
The presidential decision included the formation of a working group headed by the Prime Minister. The membership of each of the Central Bank Governor, Minister of Finance, Minister of Trade and Industry, other jurisdictions, To carry out periodic follow-up and regular evaluation of the system of import procedures and the extent to which they meet the needs of the local production process and the consequent price discipline and the decline in inflation rates.
The General Division of Importers of the General Federation of Chambers of Commerce headed by Hamdi Al-Najjar called for the speedy implementation of the decision, with the exception of production requirements and raw materials, to ensure that industrial production does not stop and to control the inflationary wave that has begun to increase. While praising the presidential directives that would save the industry, deepen local industrialization, and provide essential commodities that cannot be dispensed with, which will reflect positively on the prices of all commodities in the markets.
