The Egyptian government announces executive regulations for a new industrial licensing law to decrease the waiting time for new projects, Reuters reports.
The new regulations will reduce the waiting period for obtaining industrial licenses to establish new facilities from 600 days to between 7 and 30 days, Trade and Industry Minister Tarek Kabil tells a news conference.
“This law will cause a revolution in industrial investment rates in Egypt during the upcoming period, and it’s what will help put Egypt in the forefront of countries that attract industrial investment, regionally and internationally,” a ministry statement says.
The country requires new businesses to register with its General Authority For Investment and obtain various licenses before operating, depending on the sector.
Investors have long complained of lengthy waiting times for obtaining approvals, with the World Bank ranking Egypt number 122 of 190 countries on its 2017 Doing Business index, partly due to difficulties in obtaining permits and licenses.