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Adoption of the executive regulations of the new licensing law within a month IDA granted temporary licenses for one year to low-risk industrial facilities, where 47 plants submitted license requests, says head of IDA
Head of the Industrial Development Authority (IDA), Ahmed Abdel-Razek, announced the finalisation of the executive regulation for the law of facilitating the procedures of industrial establishment licensing and was submitted to Minister of Trade and Industry Tarek Kabil for approval. Abdel-Razek added that the executive regulation will be adopted within one month after the completion of some legal procedures. Abdel-Razek revealed that IDA has already begun granting temporary licenses for one year to low-risk industrial facilities in order to make it easy for investors, where 47 plants submitted license requests to the IDA. He pointed out the speed of completion of the procedures for inspection, where a group of companies and consulting offices will be adopted in the field of examination of all technical matters and documents on industrial licenses in order to ensure that the industrial entity meets the requirements and procedures required for inspection and the adoption of projects. Foreign experts were hired to prepare criteria for selecting accreditation offices. The work of these consulting offices will be under the full supervision of the IDA, and there will be continuous follow-up to ensure the implementation of inspections in full accordance with the law. Abdel-Razek highlighted the industrial map of the investment opportunities launched by the IDA, through which a huge amount of information is provided to the investor for all the governorates in Egypt to support his investment decision. He noted that the map has so far provided more than 2,500 investment opportunities ready for investors, and the map will be constantly updated to ensure the accuracy of data and information available.
