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New industrial act praised by business community

Sun, Aug. 13, 2017
CAIRO – 13 August 2017: The new Industrial Permits Act will place Egypt among the most attractive countries for industrial investment on the regional and international level, head of the Egyptian Businessmen Association (EBA) Ali Eissa said Sunday.

Issued on Sunday, the executive regulations of the Industrial Permits Act targets facilitating procedures of starting an industrial business, Eissa said in a statement.
In a Sunday press conference, Minister of Industry Tarek Kabil said the act encourages the integration between the unofficial and official economy.

Under the new law, the industrial licenses will be given in less than a week, but the risky industries will get permits in less than 30 days.

Kabil explained that 80 percent of the projects will be granted licenses upon notifications, while 20 percent will have to wait for the approval of the Industrial Development Authority (IDA) due to being categorized as “risky” industries.

There will be offices that can accredit industrial facilities and issue license for them, Kabil said.

On May 9, President Abdel Fatah al-Sisi approved the 15/2017 Industrial Permits Act that aims at easing measures for obtaining licenses for industrial establishments. The act entails granting investors needed approvals in no more than one month, instead of a period of almost two years under the old law, No. 83, 2002.
 
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