New Measures to Stimulate Industrial Investments

Dr. Mahmoud Eisa, Minister of Industry and Foreign Trade issued a ministerial decree contains a series of decisive actions, including reducing the value of letters of guarantee on all land in industrial zones in new cities and provinces and applied retroactively extending the time limit free-ins for all industrial projects. And the minister announced that he will be under this resolution to reduce the value of letters of guarantee on all land in industrial zones in new cities and provinces according to the area in order to become (the sum of thirty pounds per meter of space, even a thousand square meters or less instead of 50 pounds per m and the amount of fifty pounds of meters for areas larger than one thousand square meters instead of 70 pounds per meter).

And apply the previous procedures with retroactive effect to the letters earlier in force and that in accordance with the regulations and procedures of the General Authority for Industrial Development, according to the seriousness of the project with the repatriation of the liquefaction of the letters of guarantee to investors if it is proved they remove the causes that led to it also included the resolution also extended the deadline Free additional accorded to all industrial projects until 31 \ 12 \ 2011 instead of 30 \ 9 \ 2011 and the right of each of fulfilling the conditions to extract industrial register a permanent review every five years, according to the rules and procedures with the abolition of inspections carried out by the General Authority for Industrial Development and The President of the Commission in some cases made in cases that require it.

To facilitate and simplify the procedures for obtaining the record industry has included the ministerial decree exempting applicants for the record industry from the requirement to provide product certification to the specifications at the request of the record on that only the role of Industrial Control Authority to monitor compliance with the terms of the product's compliance with the specifications and be exempted from the requirement to provide a technical assistance I have to content with the submission of a feasibility study for the project also confirmed the decision on the necessity of activating the role of offices of the Industrial Development Authority in the governorates to you within a maximum period of 6 months.

The role of Head of the Commission in Cairo, with licenses in full with the exception of land allocation and in coordination with other relevant bodies, as the text of the resolution in the article second on the elimination of any ministerial precedent contradicts what came of this decision and Dr. Mahmoud Issa, said the decision comes within the framework of the government's keenness to encourage and support national investors and the Arabs and foreigners to increase their current investments and inject new investments, both for the expansion of existing projects or create new projects and this, for good of the country provide opportunities for the operation to accommodate the labor force and Egyptian minister stressed that the ministry is ready to take all the procedures quick and necessary and to develop practical solutions and serious re-production rates to normal during the current phase and then provide more employment opportunities, adding that the industry is a locomotive of development economic development in Egypt and the primary contributor to production, exports and employment is the most important sectors that achieved high growth rates.

As Dr. Mahmoud Eisa, Minister of Industry and Foreign Trade, this decision came in response to the demands of manufacturers to eliminate all obstacles which might hinder the establishment of Tosathm or create new projects, pointing out that this resolution, prepared jointly by the Committee which was formed from the ministry and representatives of the Federation of Industries Egyptian and to achieve a balance between public interest and solve the problems of manufacturers and investors.