Madbouly gives instructions to reduce the procedures required to issue licenses and the Industrial Development Authority (IDA) is mandated to deal with any other government entity on behalf of the investor
Dr. Mostafa Madbouly, Prime Minister, held a meeting this evening to review the steps for approving tax exemptions and granting more incentives for industrial projects, in the presence of Ms. Nevin Jameh, Minister of Trade and Industry, Mr. Ahmed Kajouk, Deputy Minister of Finance for Financial Policies, Counsellor Mohamed Abdel Wahab, GAFI CEO, and Mr. Mohamed El-Zalat, IDA Head, and Eng. Mohamed Abdel Karim, Executive Director of the Industrial Modernization Center (IMC).
At the beginning of the meeting, the Prime Minister indicated that today's meeting comes within the framework of implementing the measures announced during the global press conference held yesterday to explain the Egypt's plan to deal with the global economic crisis, and the efforts it exerts to support the industrial sector and grant incentives and facilities. It contributes to attracting more local or foreign investors, in implementation of the mandates of President Abdel Fattah El-Sisi, President of the Republic, in this regard.
Presidency of the Council of Ministers Spokesman Ambassador Nader Saad stated during the meeting that they reviewed the proposals for approving temporary tax exemptions for a number of targeted industries. The industries scheduled to be established within the new urban communities, as well as each of the industrial, investment, technological, and remote areas, provided that these exemptions apply during a specific period, to encourage those industries in these areas, through issuance of an exceptional law detailing these industries and the proposed periods for exemptions.
During the meeting, the Prime Minister stressed the importance of following up the procedures for the allocation of industrial lands, and providing more facilitations in this regard, assigning IDA Head to reduce all the procedures required to issue licenses, so that the IDA would be the only entity mandated to deal with the industrial investor. He said, "I am ready to take any decisions in order to achieve this goal, which is to obtain licenses as soon as possible, and the IDA to deal with any other government entity on behalf of the investor," adding: "I will follow up on this file myself."
The Prime Minister mentioned the unit formed in the Council of Ministers, and its mission to solve any problems that may encounter investors related to a ministry or a government entity, in an effort to work on solving and eliminating these problems.
During the meeting, the Prime Minister assigned the permanent committee on industrial lands allocation of to meet on a weekly basis, and to promptly allocate lands to investors, which includes in its membership all the concerned parties, saying, "We will follow up on the work of the committee periodically.".