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Highlight: 20 decisions to increase industrial investment in Egypt

The Egyptian government has taken a decisive step towards sustainable industrial development. They aim to deepen and localize industry, grow local supply chains, and facilitate interactions.
24.09.23 | Source: EgyptToday

To stimulate economic growth and reduce unemployment rates, the Egyptian government is making a strong effort to promote industrial investment. The aim is to sustainably raise industrial investment rates, deepen and localize the industry, grow local supply chains, and foster deeper interactions. In line with the state's plan to increase the economic growth rate to between 7% and 9%, twenty key decisions have been taken to stimulate industrial investment. Among these initiatives are the establishment of a unit to follow up on associated licenses and fees, import tax reduction on more than 150 types of production supplies, and significant financial allocations for facilities of industrial complexes. The government is also suspending the real estate tax for 19 industrial sectors and releasing a series of measures to stimulate industrial sector investment. To facilitate issuance of licenses for industrial facilities, a new system of procedures is also in the works. The 'Ibdaa' initiative that urges reliance on local products and reducing imports is also noteworthy. A digital platform for industrial services and licenses, offering 381 services, has been launched. Further, an effort to localise the manufacture of 152 products, currently imported from abroad, is also underway. In summary, these robust steps manifest in the Egyptian government's strong commitment to buttress industrial growth and create abundant job opportunities.