Egypt's PM backs new measures to improve investment climate

Ahram Online, Monday 16 May 2011

Changes will streamline company registration process, ease import procedures and widen activities of the investment authorities

Prime Minister Essam Sharaf

Prime Minister Essam Sharaf has approved a new set of measures aimed at improving the investment climate in Egypt.

The announced measures are related to company creation and registration, import and export procedures and providing new services.  
As part of the drive to streamline company registrations, Sharaf has removed requirements for new industrial projects to get approval from the General Authority for Industrial Development and simplified the process of registering branches of foreign companies to take just three days, compared to the previous four to six months. In addition, media companies will no longer need security clearance.
Sharaf also approved the issuing of import certificates valid for three to five years, replacing an old system of recurrent invoices. 
The government is also preparing to open new branches of the Investment Authority within a year, providing services for investors in areas such as 10th of Ramadan, Gamasa (Dakahleya), 6th of October and Menya. Services will include processing membership applications for industrial chambers and unions.
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