The House of Deputies indefinitely passed on March 14 a draft bill facilitating the licensing of industrial establishments in a move seen by businessmen and experts as promising for the country’s investment climate, MENA reports.

“It is something that all investors have long been dreaming of,” says Head of the Federation of Egyptian Industries Mohamed El Sewedy.

El Sewedy adds that the new bill will put an end to obstacles facing foreign and local investors in the country.

In January, El Sewedy called for issuing a law easing the process of granting licenses to industrial establishments. He says that the passing of this law is a step in the right direction since it will facilitate procedures and in turn, attract local and foreign investments.

“It will also enable and encourage young people to create small- and medium-sized enterprises easily and within a short time frame,” he explains.