The new law, which aims to streamline industrial licensing procedures, cuts the waiting time for new ventures.
Minister of Trade and Industry Tarek Kabil attended the launching of a marketing campaign for the new Industrial Licensing Law, organized by the Industrial Development Authority (IDA) and attended by a host of ministers and investors in the manufacturing field.
The new law, which aims to streamline industrial licensing procedures, cuts the waiting time for new ventures from 634 to 7 and 30 days for low- and high-risk projects respectively.
“The new Industrial Licensing Law, with its recently-issued executive regulations, is a paradigm shift in the national industry,” Kabil said.
The ministry, he added, gives top priority to the manufacturing sector, being the main propeller of economic growth and sustainable development.
Kabil also explained that the recent legislative and economic reforms have significantly improved the business environment, luring more foreign direct investments in Egypt’s industry.