Minister of Industry, Trade and Small Industries Tarek Kabil - File Photo
CAIRO – 3 June 2016: The drafting of executive regulations of the newly-ratified Industrial Permit Act has been completed and will be sent to the State Council this week, Minister of Industry and Trade Tarek Kabil said Saturday.
Kabil said the executive regulations allow 80 percent of industries to obtain licenses after notifying the government.
“The remaining 20 percent of industries will get approvals within 30 days of the application date,” he added.
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.
Kabil also issued a decree last week to cancel Ministerial Decree No. 825, 2008, which gives initial approvals to industrial projects.
The decree annulled the initial approvals granted by the Industrial Development Authority (IDA) to establish new industrial projects, in line with the new act.