{"id":608254,"date":"2023-10-17T00:00:00","date_gmt":"2023-10-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/17\/foreign-investors-can-become-importers-expat-car-import-program-gets-extension\/"},"modified":"2023-10-17T00:00:00","modified_gmt":"2023-10-17T00:00:00","slug":"foreign-investors-can-become-importers-expat-car-import-program-gets-extension","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/17\/foreign-investors-can-become-importers-expat-car-import-program-gets-extension\/","title":{"rendered":"Foreign investors can become importers + expat car import program gets extension"},"content":{"rendered":"

The House of Representatives<\/strong> yesterday gave final approval to a trio of bills<\/strong>, including changes to the importers registry that will allow foreign investors to become importers, an extension for the expat car-for-FX initiative, and the rights to develop and manage the Safaga Port, and several other agreements. Below is a breakdown of the bills that got the thumbs up:<\/strong><\/p>\n

#1- Foreign investors can now become importers (with caveats): <\/strong>MPs voted in favor of allowing non-Egyptian investors to become registered importers<\/a> for a ten-year period that could be renewed once. The law will also allow them to hold stakes of up to 49% in trading companies that import into Egypt. This includes limited liability companies, joint stock companies, and sole proprietorships. The bill is part of the 22 measures<\/a> drawn up by the Supreme Investment Council in May to help attract more foreign direct investment into the country.<\/p>\n

#2- Extension of car import scheme:<\/strong> The House approved<\/a> a bill that would let Prime Minister Madbouly extend the expat car-for-FX initiative<\/a> for three months. The program would allow Egyptians living abroad to import cars tax-free on the condition that they deposit the equivalent of saved duties and taxes in a five-year FX certificate of deposit. The second iteration of the program is expected to generate USD 1.1 bn in hard currency receipts, Parliamentary Affairs Minister Alaaeddin Fouad said at the session. That\u2019s a bit more than the top end of the USD 450 mn to USD 1 bn range on which a senior official guided us earlier this week<\/a>.<\/p>\n

A hard-won yes: <\/strong>The bill ran into loud opposition from MPs, including from House Economic Committee chair Mohamed Soliman, who voiced doubt about the extension generating sufficient FX revenues. \u201cWe will approve this bill only to not embarrass the Finance Ministry, which had previously claimed it would generate USD 2.5 bn,\u201d said Soliman.<\/p>\n

Remember: <\/strong>The first round of the scheme, which wrapped up<\/a> in May raised around <\/a>USD 900<\/a>mn<\/a> \u2014 a little over a third of the USD 2.5 bn<\/a> targeted <\/a> by the Finance Ministry.<\/p>\n

#3- Development of the Safaga Port: <\/strong>The draft bill will hand an Abu Dhabi Ports-ledconsortium with Golden Anchor Ships Operator and Silver Anchor Facilities Management the right<\/a> through its Safaga Stations Operating Company to develop, build, manage, and operate the Safaga Port for thirty years.<\/p>\n

What\u2019s next?<\/strong> The three bills will now be sent to President Abdel Fattah El-Sisi to be ratified into law. The House has also adjourned sessions until Sunday, 29 October.<\/p>\n

ALSO APPROVED BY THE HOUSE-<\/strong><\/p>\n

AfDB capital increase:<\/strong> A presidential decree was approved to increase<\/a> Egypt's contribution to the paid-up capital of the African Development Bank (AfDB). The Madbouly government will purchase 19.7k shares from AfDB for USD 16.8 mn in two installments.<\/p>\n

Financing for Takaful and Karama:<\/strong> A USD 500 mn loan from the<\/a><\/a>World Bank<\/a> toexpand the Takaful and Karama program was given the green light<\/a>. <\/p>\n

Vienna pact on traffic signals: <\/strong>The House approved the Vienna Conventions of 1968<\/a> to adopt a unified international system of traffic signals and road standards to help us become a regional logistics hub.<\/p>\n","protected":false},"excerpt":{"rendered":"

MPs also approved handing the rights to develop the Safaga Port to a consortium of three companies including AD Ports<\/p>\n","protected":false},"author":1,"featured_media":608255,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7344],"tags":[600,144,72,274,187,145,132],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-608254","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-abu-dhabi-ports","tag-automotive","tag-enterpriseam","tag-house-of-representatives","tag-legislation-watch","tag-logistics","tag-trade","wpautop","entry"],"acf":{"mongo_id":"9c5f1c0f-aa31-40cb-9de1-7c1f24ab10c0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/811.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Foreign investors can become importers in Egypt + expat car import program gets extension","related_issue":[608241],"teaser":"MPs also approved handing the rights to develop the Safaga Port to a consortium of three companies including AD Ports","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.25d16ced-93b5-4f52-aa8e-902f02b860fa.mp3"},"yoast_head":"\nForeign investors can become importers + expat car import program gets extension - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/17\/foreign-investors-can-become-importers-expat-car-import-program-gets-extension\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Foreign investors can become importers + expat car import program gets extension\" 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has signed into law a bill that will allow Egyptian expats to import cars and get customs and tax exemptions after paying upfront in FX, according to a decision published in the Official Gazette.Refresher- Under the\u2026","rel":"","context":"In "Automotive"","block_context":{"text":"Automotive","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/automotive\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/371.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545985,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/19\/importers-are-still-pushing-back-on-the-cbes-new-l-c-system\/","url_meta":{"origin":608254,"position":1},"title":"Importers are still pushing back on the CBE\u2019s new L\/C system","author":"enterpriseam admin","date":"19 April 2022","format":false,"excerpt":"Leading industry figures are still pushing back on the CBE\u2019s requirement that importers open L\/Cs: Legislators and industry reps are continuing to voice concern over the central bank\u2019s recent move to require importers to get letters of credit (L\/Cs) for their purchases instead of the common practice of documentary collection,\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":589627,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/06\/its-going-to-get-easier-for-foreign-investors-to-import-limits-on-property-ownership-set-to-be-scrapped\/","url_meta":{"origin":608254,"position":2},"title":"It\u2019s going to get easier for foreign investors to import + limits on property ownership set to be scrapped","author":"enterpriseam admin","date":"6 July 2023","format":false,"excerpt":"State could lift two-property limit on real estate ownership \u2014 and make it possible for foreign investors to directly import into Egypt","rel":"","context":"In "Cabinet watch"","block_context":{"text":"Cabinet watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/cabinet-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/170.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571885,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/03\/finmin-opens-expedited-customs-clearance-to-sme-importers\/","url_meta":{"origin":608254,"position":3},"title":"FinMin opens expedited customs clearance to SME importers","author":"enterpriseam admin","date":"3 June 2020","format":false,"excerpt":"SMEs will be able to join a whitelist of importers eligible for expedited customs clearance, according to a Finance Ministry decision waiving a requirement that allowed only companies with higher revenues to apply for the scheme. Smaller importers will need to prove they are able meet contractual obligations to qualify\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":581987,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/28\/mps-give-initial-approval-to-extending-expat-car-import-scheme-for-2-months\/","url_meta":{"origin":608254,"position":4},"title":"MPs give initial approval to extending expat car import scheme for 2 months","author":"enterpriseam admin","date":"28 February 2023","format":false,"excerpt":"House gives initial nod to expat car import scheme extension: MPs have given preliminary approval to a proposal to extend the government\u2019s expat car import scheme by two months amid low participation. The program was set to expire in mid-March but will now end on 12 May if the amendments\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/parliament-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550225,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/19\/is-egypt-finally-getting-serious-about-its-domestic-auto-assembly-industry\/","url_meta":{"origin":608254,"position":5},"title":"Is Egypt finally getting serious about its domestic auto assembly industry?","author":"enterpriseam admin","date":"19 October 2022","format":false,"excerpt":"Auto assembly legislation + expat car import scheme get parliament sign-off: The House of Representatives\u2019 general assembly gave its final approval yesterday to two separate bills of particular interest to car assemblers and distributors. The first is legislation that will see the establishment of a new council to set policy\u2026","rel":"","context":"In "Automotive"","block_context":{"text":"Automotive","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/automotive\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/266.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/608254","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=608254"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/608254\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/608241"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/608255"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=608254"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=608254"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=608254"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=608254"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=608254"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}