Minister of Trade and Industry Amr Nassar and Minister of Investment and International Cooperation Sahar Nasr sing joint ministerial decree to promote cooperation in the field of encouraging investment climate in industrial sector and promote available investment opportunities.
Nasr pointed out that the industrial sector is one of the most important sectors of investment in the Egyptian economy during the current stage, which contributes to the provision of employment opportunities and increase productivity, moreover, reduce imports. It is also one of the sectors most supported by Egypt’s investment map.
Nasr elaborated that the joint committee will coordinate on mechanisms of maximizing benefit of foreign grants and aids and coordinate between Egyptian Commercial services aboard and investment promotion sector in the General Authority for Investment and Free Zones (GAFI) to attract foreign investments.
Nasr added that the committee will also coordinate to solve problems related to mandate and allocation of industrial land as well as, coordinate on the simplification and facilitation of procedures related to process of establishment of companies, especially with respect to industrial licenses, origin, local component, exemptions and incentives.
Minister Amr Nassar noted that according to the decree, the committee will support joint efforts to deepen the Egyptian industry, especially with regard to increasing productivity and value chain development. As well as, coordinate related to the provision of technical support services for the development of industrial clusters, as well as joint coordination in the fields of supporting entrepreneurship initiatives and developing SMEs and microenterprises.
Nassar pointed out that the decree set the periodicity of holding meetings of the committee at least once a month and that the office manager of the two ministers will act as contact points and follow-up implementation of decisions issued by the committee and a monthly report on the results to be submitted to the two ministers.
