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New committee to set profit margins for essential goods: Cabinet - Daily News Egypt

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New committee to set profit margins for essential goods: Cabinet

FECOC to hold a meeting to discuss the mechanism of collaboration with the committee, says Yehia Kassab

Egypt’s cabinet announced the establishment of a new committee headed by Prime Minister Sherif Ismail to set profit margins for essential goods and commodities whether local or imported.

According to the resolution statement that was released on 9 October, the committee will be responsible for deciding the appropriate means to set profit margins for all essential goods, while being connected with an advanced pricing system developed in collaboration with the Federation of Egyptian industries (FEI) and the Federation of the Egyptian Chambers of Commerce (FECOC).

News of the committees’ establishment comes just after President Abdel Fattah Al-Sisi’s promise that essential goods prices will be preserved no matter the circumstances; a promise that might prove difficult as the government tries to control prices by monitoring the market.

The committee will include ministers of finance, investments, trade and industry, and supply. In addition, the head of the National Security bureau and representatives from the Consumer Protection Agency, Defence Ministry, and the Egyptian Competition Authority will also be present.

“We didn’t decide the mechanism of collaboration with the [new]committee yet,” said Yehia Kassab, head of the grocery section of Giza’s Chamber of Commerce. “We will hold a meeting tomorrow in Alexandria to discuss the details, but in my point view this is a very important step to control the markets and limit merchants’ greed.”

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