UPDATE: Egypt business digest Sept. 3: Trade min. meets with heads of Indian firms in Egypt
Egyptian trade Minister Tarek Kabil - YOUM7
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Trade min. meets with heads of Indian firms in Egypt

Trade and Industry Minister Tarek Qabil on Saturday met with heads of major Indian companies based in Egypt and discussed ways to enhance their production volume and exports, Youm7 reported.

The move comes in response to President Abdel Fatah al Sisi’s Friday statement during his visit to India in which he issued directives to boost bilateral cooperation with India.

Qabil met with a chairman of an Indian resins and chemical industries company, which, according to the minister, will invest more 300 million EGP in the chemical productions field.

He also met with officials from the Alexandria-based Adetya Birla Company which is specialized in carbon black.

 

Egypt gold prices increase by $0.6 on Sat.

Egypt gold prices have increased by five Egyptian pounds ($0.60) on Saturday, the widely-spread twenty-one carat gold scored 465 EGP per gram, Youm7 reported.

The twenty-four carat gold was sold for 531.40 EGP, while the gold pound also rose by 40 pounds, to 3720 pounds, , Ihab Wassef, member of Gold Division of the General Union Chamber of Commerce told Youm7.

 

Lowest offer in Egypt’s GASC sugar tender at $491.98 per ton -trade

(Reuters) – The lowest offer in Egypt’s General Authorities for Supply Commodities (GASC) sugar tender on Saturday was $491.98 per tonne for 50,000 tonnes of raw sugar, traders said.

GASC received four offers from two companies in the tender, they said.

The sugar is sought for arrival between Oct. 15-30.

GASC postponed the tender last month after receiving low participation, according to traders.

 

Egypt’s exports to Russia rose to $59.1 mln: CBE report

A report by the Central Bank of Egypt (CBE) stated that Egypt’s exports to Russia and the Commonwealth of Independent States rose to $59.1 million by the end of the third quarter of the last fiscal year.

The total exports reached $52.9 million by the end of the second quarter of the last year that ends in December 2015.

 

VAT act to reduce prices of electricity appliances

Taxes Expert Hany el-Ashmouny said that applying VAT act will reduce prices of electricity devices like household appliances: refrigerators and air conditions, by 4 percent.

 

Main index EGX30 rose by 0.06% during last week’s sessions

The main EGX30 index recorded a slight increase by 0.06 percent, and EGX20 increased by 0.41 percent during last week’s transaction sessions.

On the other hand, EGX100 index saw a decline by 0.61 percent, according to the weekly report by the Egyptian Stock Exchange.

 

Expolink: we aim to increase exports to Africa to $5 bln

The Egyptian Exporters Association “Expolink” announced that a number of members have formed a coalition to establish farms in African countries, Youm7 reported.

General Secretariat of Expolink, Amr Abdel Latif said that the coalition has so far cultivated 25 feddans of corn in Cameron, and is currently studying to grow rice in Chad.

He added that the association aims to increase exports to Africa to $5 billion.

 

Finance Ministry puts forward treasury bonds totaling 4.750b EGP

The Ministry of Finance will put forward a total of 11.2b EGP in treasury bonds Sunday; the first bond is worth 5.7 billion EGP were put forward with a maturity of 91 days, and bonds worth 5.5 billion EGP for 273 days.

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