The Egyptian government plans to cut import tariffs on some capital and intermediary goods to zero per cent from between 2pc and 5pc to boost investment, reports said yesterday.

The changes will affect a number of industries, including automotive, spinning and weaving, dairy and food production, as well as spare parts for a number of household goods.

Egypt will also review import duties charged at 10pc on some goods.

Reports gave the cost of the reductions as 1.2 buillion Egyptian pounds ($230 million) but did not say  what period of time this would cover.

The Egyptian government said it plans tax exemptions and tariff reductions worth 2.2bn Egyptian pounds as part of a package to stimulate the economy, with 1bn pounds exempting investors from sales tax on capital goods for a year.

The measures are part of a 15bn pound stimulus package announced by the government.