Egyptian Trade and Industry Minister Tarek Qabil (C) speaks during a press conference in Cairo, Egypt, Aug. 13, 2017. Egypt issued a new law aiming at facilitating measures to issue permits for establishing industrial facilities and attract more industrial investments, the MENA news agency reported on Sunday. (Xinhua/Ahmed Gomaa)
CAIRO, Aug. 13 (Xinhua) -- Egypt issued a new law aiming at facilitating measures to issue permits for establishing industrial facilities and attract more industrial investments, the MENA news agency reported on Sunday.
In an attempt to attract more investments, Egypt issued new regulations on Sunday to streamline the procedures of issuing permits for establishing industrial facilities, the report said.
"The new regulations will make a revolution concerning industrial investment rates in Egypt in the coming period," Egyptian Trade and Industry Minister Tarek Qabil said.
The new regulations are designed to attract more regional and international industrial investments, as well as improving Egypt's rating by international organizations, he explained.
"The new law aims at avoiding bureaucracy and shortening the time required to issue permits from 600 days to maximum 30 days," the minister said.
Under the new law, investors will only deal with one institution instead of 11 in the old law, and anyone who hinders the issuance of permits will be fined, he noted.
Over the past few years, Egypt has been suffering an economic recession due to political instability and relevant security issues that led to the decline of tourism, foreign currency reserves and foreign investments.
To attract foreign investors, Egypt has floated its local currency and taken a series of measures to facilitate investment.
The North African Arab country has also adopted a three-year economic reform program including austerity, fuel subsidy cuts and tax hikes.
