The Egypt’s Ministers of Transportation, Finance and Trade have announced that they are planning to use an electronic system to link the data available at its various ports. The system will enable them to connect all Egypt’s ports to one database. This proposal would help them in the following ways:
- Speedy custom clearance and inspection procedures.
- Expedite the queues for ships, thereby reducing the wait from six days to just four hours.
The government is expecting to put this system throughout all ports in about three months. In addition to this, Egypt is also executing a “one-stop-shop” system, allowing the investors to get their approvals through a single process. According to the newly-approved law, Egypt’s General Authority for Investment and Free Zones (GAFI) will obtain permits and licenses on behalf of investors from government bodies.
With the completion of Suez Canal expansion, the expanded canal will increase traffic about 100 ships per day. Also, it has reduced the clearance time from days to a few hours. This will bring more revenues for the government. Also, the Egyptian government is encouraging investment by announcing corporate tax cuts in the zone to one-third of the national rate. Earlier it was catering to 50 ships per day where more than 17,000 ships have transited the Suez Canal in 2014.