Minister of Trade and Industry Tarek Kabil said that his ministry managed to reduce the time of obtaining industrial licenses to less than seven days for the category of licensing on notification down from 600 days and to under 30 days for licensing related to high risk activities on health, security, and environment.
On Sunday, the Ministry of Industry issued the executive regulations for the law to facilitate the licensing of industrial establishments.
During a press conference on the same day, Kabil said that the Industrial Licensing Act simplifies procedures, shortens the documentary cycle, eliminates bureaucracy and facilitates procedures for investors to obtain the necessary licenses for operating in the shortest time in accordance with international standards.
He added that this comes in the framework of the by-laws for the law to facilitate the procedures for granting industrial licenses in a step aimed at facilitating procedures for manufacturers and investors.
The Egyptian government has been implementing economic reforms since the end of 2015 in a bid to revive the economy and put it back on the path of growth. These measures included raising fuel and medicine prices, float of the Egyptian pound, penning new investment laws, amending the income tax and imposing a value-added tax law, next to granting preliminary approval to the bankruptcy law.
“If it took me two years to obtain licenses, I will take my business elsewhere,” Kabil stressed.
He pointed out that the by-laws will have positive impact on Egypt’s global rating in the doing business reports and will eliminate the bureaucracy.
Egypt facilitated licensing procedures for investors where it allowed to apply for a license by hand, electronically, by mail or through shipping companies.