President AbdelFattah Al-Sisi stated on Saturday that investors can now apply for a “Golden License” that will allow them to speed up investment procedures.
Through this license, investors will be able to buy or rent lands and get their projects going without needing a lot of paperwork and approvals from different government agencies.
He added that the license will be valid for 3 months and extendable for another 3 months. After the initial period, the initiative will be evaluated and if it’s successful it can continue for a longer period of time.
He also added that it’s of great priority to speed up the economic development, so that the economy can move forward and people can feel the impacts. Especially that over the last years, the economy has received several hits, whether from the Covid-19 pandemic or the war between Russia and Ukraine.
Al-Sisi’s statement came during the inauguration of the 1st edition of the International Forum and Exhibition for Industry. He addressed businessmen and industrialists, affirming Egypt’s commitment to supporting them.
The president also talked about the “Start” initiative, where the government partners with investors with 30-50% shares to produce products that were previously imported. Interested parties can check the list of these products on the websites of the Central Bank and the ministries of finance and industry.