Egypt's Minister of Trade and Industry Tarek Kabil listens during an interview with Reuters after Euromoney Conference in Cairo, Egypt September 19, 2017 - Reuters/Amr Abdallah Dalsh
CAIRO – 29 October 2017: The new Industrial Permits Act has reduced the time needed to acquire a permit from 360 days to only one week, Industry Minister Tarek Kabil said during a seminar organized by the American Chamber of Commerce Sunday.
Kabil said that 80 percent of the industries are not categorized as “risky”, which means that they will obtain the licenses in one week. Industries that are categorized as risky will take longer time to acquire a permit; however it will not exceed one month, according to the new law.
The minister said that the economy now is in better condition than it was in 2015 when there were foreign currency and power shortages, which affected businesses negatively.
He said that this year has also witnessed the issuance of the Investment Law and Industrial Permits Law.
Kabil added that the Golden Triangle project is a very important investment project, saying that the government aims to increase industrial investment by eight percent by 2020.
The Ministry of Trade and Industry has issued the executive regulations of the New Industrial Permits Act on August 13, which targets facilitating procedures of starting an industrial business and encourages the integration between the unofficial and official economy.
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