The board of the Federation of Egyptian Industries (FEI) will convene on Sunday to study the government’s latest decision to establish a committee to set profit margins on essential products and commodities, federation president Mohamed El-Sewedy said Thursday.
On 9 October, the 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, the committee will be responsible for deciding the appropriate means by which profit margins are set for all essential goods, while being connected to an advanced pricing system, developed in collaboration with the FEI and the Federation of the Egyptian Chambers of Commerce (FECOC).
“We don’t yet know the goal of the resolution or how to apply it; we are waiting for the government to share insights. We will discuss its implications during the federation’s board meeting on Sunday,” El-Sewedy said.
He added that they could not identify the objective of the cabinet decision because the minister of trade and industry was not in the country. “Hopefully after his return, we may know more details,” he said.
News of this committee comes just after President Abdel Fattah Al-Sisi’s promise that essential goods prices will be preserved, no matter the circumstances—a promise that may prove difficult to keep 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.