Our Views
The Ministry of Investment and Foreign Trade informed the export councils of the details of the new export support program.
Export councils’ officials revealed to “Al-Borsa News” that the new program changes the percentage of relinquishment of foreign currency export proceeds. Under the new program, the minimum relinquishment percentage will be 40% of the export proceeds in the engineering industries sector, and up to 70% in the agricultural crops sector.
The councils’ officials expect to hold meetings in the coming period with Hassan Al-Khatib, the Minister of Investment and Foreign Trade, to present their demands regarding the reconsideration of export support rates in the new program. The rates have been reduced by 70% for all programs, which the councils view as insufficient to meet their aspirations for increasing export proceeds.
For more details and full views, download the document below
