Egypt decided to set new regulations governing customs duties that were reduced on 150 types of imported production inputs in a bid to stimulate national industry and maintain employment rates, according to finance minister Mohamed Maait.
The new regulations aim at facilitating customs procedures at all outlets to increase production, support local industry and localize advanced industries that comply with anti-climate change standards, the minister said in a statement.
Cabinet is considering new incentives to attract investment in advanced industries including electric-vehicle assembly, Madbouly said.
Under the plans, companies investing in target industries could see their tax bill slashed by 70%. The government is also considering amending the 2017 Investment Law to extend incentives set to expire in 2023 for an additional five years, he said.
The IDA is getting its act together on licensing: Some 20k industrial licenses have been issued by the Industrial Development Authority (IDA) since the introduction of a new system over the summer to speed up the licensing process, Madbouly said. The new system sees licenses issued within no more than 20 days.
