The Ministry of Industry and Trade will establish a major centre under the mandate of the Industrial Development Authority (IDA) to be responsible for issuing industrial licences in line with the new law for these licences, which is currently under consideration by the parliament, Minister Tarek Kabil announced.
He said that the centre will be the heart of licence issuing, while other branches that would be established around the country will be connected to the major centre.
The ministry is focusing on developing the industrial infrastructure in Egypt, Kabil added during the meeting with World Bank representatives on Monday. He put an emphasis on the ministry’s vision to develop the industry in the near future.
The ministry has started to prepare the law’s regulations, and Kabil expects the government to implement the law within three months of the parliament’s approval.
The law would be revolutionary for Egypt’s industry; it would attract investments, the minister said, especially as it reduces the time taken to obtain an industrial licence down to just a few weeks instead of 634 days currently, according to the World Bank.
Kabil said regular meetings must be held with the Federation of Egyptian Industries (FEI) and World Bank representatives to continue discussions about the new system of industrial licensing and how the bank would help Egypt.
Nagi Hussein, the World Bank Middle East regional director, said the bank will help Egypt develop its industrial sector, adding that the Ministry of Industry and Trade is taking good steps towards development.
Head of the FEI and member of parliament, Mohamed El-Sewedy, said in statement released on 26 March that the law is a step in the right direction—something which the FEI has been calling for. He added that it combats all obstacles that stop the rise of Egypt’s economy.
He noted that the law combats bureaucracy which allows the economy to attract local and foreign direct investments, create more projects, provide more jobs to decrease unemployment, and enhance small- and medium-sized enterprises.
The MP said that he will work in the parliament to approve the law owing to its advantages that would improve the industry.