NEWS & BLOG
Views: 12 Author: Site Editor Publish Time: 2022-04-26 Origin: Site
Recently, the Egyptian Ministry of Trade and Industry announced that more than 800 foreign companies' products will be suspended for import due to violation of the country's regulations on foreign company registration. These include several well-known multinational companies such as Red Bull, Nestle and Unilever. The products cover dairy products, edible oil, sugar, textile and clothing, children's toys, cosmetics, etc.
According to a document released on the official website of the Egyptian Ministry of Trade and Industry, the list of companies suspended from importing their products includes well-known brands such as Red Bull and Nestle, as well as Unilever, a multinational company whose products are exported to Egypt with more than 400 brands. While some 122 companies have now filed documents to resume trade, hundreds more are still affected.
In this regard, the Egyptian government stated that the large-scale suspension of imports is not to save hard currency, but to update the relevant regulations on imports. It is understood that on March 31 this year, the Egyptian Ministry of Trade and Industry made relevant revisions to the previous import regulations. Among them, the most important one is that the company can complete the registration process by submitting the registration certificate within 15 days from the date of submitting all the materials; the company registration document must be re-registered within 30 days after the validity period of the company registration document expires. If a business fails to meet the above conditions by the deadline, it will be removed from the list of licensed businesses.
Ahmed, Director of the Import Department of the Cairo Chamber of Commerce in Egypt: We do not deny that the exchange rate of the US dollar against the British pound has risen by 15% to 18%. There is a shortage of US dollars and hard currency, but this has nothing to do with the suspension of imports. According to Egypt's latest import regulations, companies we wish to export to Egypt must register in advance.
At present, the Egyptian government has held an emergency meeting to discuss how to solve the import and export problems faced by enterprises due to policy adjustment. At the same time, the government urges foreign companies to invest in Egypt and produce locally, so as to ensure that products on the market can continue to be supplied to the country and exported. to neighboring countries.
I would like to remind you that there are foreign trade and freight forwarding involving exports to Egypt recently, please pay attention to the latest situation to avoid unnecessary losses.