CAIRO: Government bodies and public sector companies may not import goods that have domestically-produced counterparts without ministerial permission, the economic committee of the Cabinet decided Tuesday, Al Maal Business daily reported.
“Such new decisions are taken to control markets, encourage national products along with providing foreign reserves,” said Ahmed Qura, economic expert and the former head of Al-Watany Bank.
Qura told The Cairo Post this decision is not unique, and its challenge will be in implementation. He added the government should first compute imported products and assesses the supply on markets, since this decision could cause a decline of supply, thereby raising prices.
The government should on improving the economy, attracting more investment and increasing exports, Qura added.
According to a Monday report by the General Organization for Export and Import Control, non-petroleum exports witnessed an 11 per cent decline during April, gaining $1.8 billion compared to $2bn during the same period of last year, Al Borsa Business Daily reported, adding in the past four months, non-petroleum exports decreased by 2 per cent.