Non-registered investors, industrialists and entrepreneurs must extract industrial records for their organisations as they have become easier to obtain and only require three essential documents, said Ismail Gaber, Chairman of the Industrial Development Authority (IDA).
The documents required are the commercial register of the facility, the insurances record as well as membership in the Federation of Egyptian Industries (FEI).
Gaber requested registered factory owners to renew and update their own industrial records data. He noted that the Minister of Industry and Foreign Trade Tarek Qabil formed a committee under the leadership of IDA to “count industrial facilities” and review industrial records data.
“The IDA is seeking to do a comprehensive update to recorded factories data to support government decision-making affecting investor protection, concessions and incentives for supporting competitiveness,” Gaber said. “There are great advantages enjoyed by the investor if the industrial record is obtained, such as benefit from the tariff advantages on imports of raw materials and spare parts of machinery.”
Gaber noted that participation in governmental and non-governmental tenders and auctions requires an industrial record, as well as dealings with banks to open financial credits, loans, obtain export subsidies, and to import chemicals materials.
The chairman added that temporary industrial record procedures take only 24 hours. Furthermore, record renewal procedures require low-fees taking into account the interests investors, especially junior investors.
Gaber explained that the industrial facilities committee is currently in coordination with stakeholders to speed up the executive plans to link the industrial data at the national level electronically.
“This step is preliminary to issuing an ID number for every facility to make it easier for state agencies and investors to operate,” the chairman added. “IDA addressed the industrial chambers and investor associations to coordinate with the authority and urge factory owners to adopt this initiative.”