Egypt’s exemption of customs on gold imports saves local market
Specialists in the Egyptian gold manufacturing industry and markets have asserted that the recent decision to exempt the crude gold imports from customs tax rescued the Egyptian gold manufacturing industry from collapse.
According to Al-Gomhouria newspaper, prior to this decision, the crude gold smuggled into Egypt satisfied up to 85 percent of the needs of the local gold processing industry. The specialists added, that this decision would create 30,000 new job opportunities in the 3,000 workshops available. These shops had to suspend up to 50 percent of their capacities in the past because of the crude gold smuggling trend in Egypt. Furthermore, this decision will encourage Arab and foreign companies to open gold processing factories in Egypt. — (Albawaba-MEBG)