The incentives include exemptions of up to 55 percent on income tax for projects in certain industries and areas determined by the Egyptian cabinet, according to the statement.

The step is part of amendments to the country's investment law 72/2017 to promote industrial investments, according to experts.

As per the draft bill, the necessary certificate to receive these income tax incentives will be issued by the country's General Authority for Investment.

These certificates will be disbursed within 45 days ahead of the deadline for submitting the annual tax return.

These incentives will be disbursed on condition that the investment project – or its expansions – depends for its financing on foreign exchange from abroad for at least 50 percent of its cost, and that the production process begins within six years after the draft law comes into force.

The grace period for production can also be extended for one time based on a decision by the cabinet, according to the statement.

The draft bill also stipulates that the cabinet will decide – based on a joint proposal from ministers of finance and industry – which industries and regions receive these proposed incentives.

This decision will also set conditions and rules for qualifications to receive the incentives, according to the statement.

The income tax incentives will be granted for a period no longer than 10 years, it said.  

The draft bill also sets a three-year period for the establishment of the company after the law's regulations come into force, with the cabinet allowed to extend the period for no more than nine years.

The proposed draft allows the cabinet to determine which industries and areas to apply the incentives in order to target investment to areas that are most in need of development, Mohammed Abu Saree, an expert in economic policies, said.

These areas include Upper Egypt governorates, Giza and the Suez Canal region, he added in remarks to ETC satellite TV channel on Thursday evening.

The amendments are still pending the approval of the country's parliament.

Egypt will launch on Sunday a three-day economic conference in Cairo, with the participation of economists and businessmen, to draw a roadmap for the future of the Egyptian economy.

According to Cabinet Spokesperson Nader Saad, the conference will include an announcement of several incentives for the industrial sector and exporters as well as a number of government initiatives to stimulate economic performance.