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Thursday, 15 February 2024, 20:00 HKT/SGT

Source: Verofax Ltd
Verofax facilitates Egyptian EU Exports with CBAM Compliance and Lifecycle Assessment Solutions
Egyptian Businessmen's Association (EBA) convenes export symposium on February 9

CAIRO, Feb 15, 2024 - (ACN Newswire) - The Egyptian Businessmen's Association (EBA) convened a public symposium on February 9, chaired by Engineer Majd al-Din al-Manzalawi, Secretary-General and Chairman of the EBA's Industry and Scientific Research Committee, to address the challenges and opportunities presented by the Carbon Border Adjustment Mechanism (CBAM), the EU regulations governing manufacturing standards for Egyptian exporters.

The Egyptian Businessmen's Association (EBA) convened to discuss the importance of technology in keeping factories compliant with export requirements of the EU.

Key topics included the integration of automated quality data, aggregated across supply chains to streamline compliance processes, access to finance opportunities with prominent European institutions, and enhancing industry performance to support a sustainable economy in Egypt, while the discussion emphasized the imperative for Egyptian exports to comply with the green economy principles outlined in the CBAM law.

The symposium invited Mr Wassim Merheby, CEO of Verofax and a technology and AI (artificial intelligence) expert, Dr. Hossam Ezz al-Din, Director General of the Industrial Pollution Control Program, Eyptian Ministry of the Environment, and well as EDA heads of specialized committees to focus on the urgent need for Egyptian exporters to understand, and comply, with the CBAM legislation. 

Wassim Merheby of Verofax explains how Egyptian exporters could achieve greater profit and seize a greater share of the EU market through compliance with CBAM.

Merheby put a highlight to the timeline for compliance, noting that registration for the new EU export regulations system would commence on January 1, 2025, with full implementation scheduled for January 2026. Merheby urged Egyptian factories to adapt promptly to the new international legislation, to avoid export bans and hefty tariffs of up to 35%.

The symposium underscored the importance of automating the processes in exporting factories to efficiently meet carbon footprint standards, thereby enabling Egyptian exporters to provide high-quality and validated data. This automation is made possible through Verofax's comprehensive Lifecycle Assessment Solution, which integrates over 130 systems, ensuring seamless verification of recycled goods, emission reductions, and quality data aggregation for exports to the EU.

Hossam Ezz El-Din, Director General of the Industrial Pollution Reduction Program at the Ministry of Environment, outlined the program's objective to incentivize industries to adopt environmentally compliant and sustainable practices through finance packages of loans and grants, funded by the European Union.

El-Din elaborated on available financing programs, detailing two types of program: loans, and grants. The Central Bank of Egypt has directed these programs to local banks, including the Ibad program, valued at 135 million euros and expected to conclude by the end of the year. Additionally, a new program named Green, valued at 268 million euros, will commence in 2025, offering a grace period of one to two years and repayment over 5 years. This program also allows borrowing in foreign currency and repayment in Egyptian pounds.

The symposium concluded with a call for continued collaboration among government bodies, financing institutions, and industries to facilitate smooth transition towards environmentally compliant production practices, thereby ensuring Egypt's competitiveness in international markets.

Ref: Symposium on Carbon Tax - Egyptian Businessmen's Association discusses the importance of technology in factory compatibility with EU export requirements; Elmahrousa News, Feb 9th, 2024; EDA Channel: https://youtu.be/i88vJzpjPsM

About Verofax

Verofax is a blockchain-enabled Asset Digitization & Traceability Solution provider, assisting various industries in automating data validation for EU commodity exporters, integrating a Lifecycle Assessment Solution that automates data aggregation across supply chains for seamless EU Carbon Border Compliance. Integrated with Microsoft IoT hub, validated on Azure Cloud, and in compliance with ISO 14064/14067. Our patented computer vision prevents double counting, and our digital passport on an immutable ledger enables validated data for smooth exports to the EU. Learn more about our automated Lifecycle Assessment Solution at www.verofax.com, or contact us at info@verofax.com.

About Egyptian Businessmen's Association (EBA)

The Egyptian Businessmen's Association (EBA) is a leading organization dedicated to advancing economic development, entrepreneurship, and sustainable business practices in Egypt. With a diverse membership representing various industries, the EBA catalyzes innovation, advocacy, and partnership-building to drive inclusive growth and prosperity. Visit www.eba.org.eg.

For media inquiries:
Wassim Merheby, CEO, Verofax
Email: info@verofax.com

Topic: New market for product
Source: Verofax Ltd

Sectors: Environment, ESG, Blockchain Technology, Automation [IoT], Trade Finance, Manufacturing
From the Asia Corporate News Network

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