Importers complain about higher capital requirements of Importers Registry Act

Importers at the Cairo Chambers of Commerce say that 40-70% of importers will be pushed out of the market as a result of higher capital requirements under amendments to the executive regulations of the Importers Registry Act, Al Mal says. The Trade Ministry gave businesses six months to comply with the regs that were issued last month in a bid to curb low-quality imports and encourage more investments in local industry. The amendments raised minimum capital requirements for the smallest importers to EGP 500k from EGP 10k previously, EGP 2 mn instead of EGP 15k for limited liability companies, and EGP 5 mn for joint stock companies.