El-Sisi issues new incentives package to back local industrial projects



Mon, 28 Aug 2023 - 10:01 GMT


Mon, 28 Aug 2023 - 10:01 GMT

CAIRO - 28 August 2023: Egyptian President Abdel Fattah El-Sisi directed the Government to issue a new package of incentives to back local strategic industrial projects.

The package of incentives includes exempting projects that target strategic industries from all types of taxes, except the value-added tax, for 5 years.

A detailed decision will be issued by the Egyptian Cabinet identifying the industries, provided that these projects be implemented and operated according to their scale, within a maximum period of 3 years, according to the statement.

Additionally, the exemption could possibly extend for an additional 5 years to a specific number of these industries if they achieve specific targets in terms of the amount of foreign investment and the regulations determined by the Egyptian Cabinet.

In case a project is implemented within half the time specified for it, companies can get up to 50 percent of the land value.

The incentives package further includes extending the golden license for projects aimed at advancing local industrialization.



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