Minister of Industry and foreign trade Tarek Kabil (Photo: Courtesy of Ministry of Industry and Foreign Trade official Facebook page)
Egypt's Trade and Industry Minister Tarek Kabil has announced executive regulations that will form part of a proposed law for industrial licensing, aimed at streamlining application processes and boosting investment.
In a press conference in Cairo on Sunday, Kabil said the new law, which will be sent to parliament soon, sets the time-frames for company license applications based on the risk levels involved.
It also aims to make the licensing process more simple, with a one-week notice period, rather than the previous "bureaucratic" 634 days.
Companies operating in dangerous sectors will have their licenses finalized within a month, according to the new law.
The minister said the new law will mean a "boost" for investment in the country.
In recent years, Egypt has passed several investor-friendly laws to attract investors who have long complained about bureaucratic regulations.
An investment law ratified in June grants investors a number of incentives, including tax breaks, with associated bylaws to be approved by the cabinet soon.