Parliament provides 4 solutions to problems of investors, SMEs' owners

CAIRO - 5 December 2022: The Small and Medium Enterprises Committee in the House of Representatives, chaired by Representative Mohamed Kamal Marei, recommended during its meeting Monday to discuss the vision of the Egyptian Federation of Investors’ Associations and Institutions (Investors’ Association) to support the SMEs sector.

 

This comes in accordance with the directives of the President of the Republic, to support the Egyptian industry, as follows:

 

1. The head of the Investors Union divide the investors at the level of the Republic into 5 regions and inform the committee of this within 15 days, provided that the committee makes field visits in the presence of officials, which are: The Public Authority for Industrial Development - Taxes - Medium, Small and Micro Enterprises Development Agency - Ministry of Development local, and owners of small and micro projects, to solve the obstacles they face.

 

2. The Public Authority for Industrial Development will provide the committee with the problems that exist in the industrial zones so that the committee will hold meetings in the presence of the competent authorities to solve these problems.

 

3. The Public Authority for Industrial Development gives powers to the directors of the authority's offices in the governorates to solve the problem of centralization in decision-making in order to facilitate the investors, and to provide the committee with the mechanism for implementing this.

 

4. The Prime Minister to direct the authorities with judicial control not to close any factory except in cases that cause serious harm to public health and safety, and to refer to the Industrial Development Authority.

 

All the problems raised by the investors are related to two things:

 

The first: Problems related to providing hard currency, and this matter was confirmed by the President of the Republic to solve this problem within two months, and it was agreed with the Central Bank of Egypt in a previous meeting of the committee that every factory whose turnover is less than 50 million pounds and manufactures products that contribute to the substitution of imports continues to receive financing 5% interest.

 

Second: Problems related to the Industrial Development Authority, and this matter was raised in the committee meeting in the presence of Eng. Mohamed Abdel Karim, Chairman of the Industrial Development Authority, who confirmed that there is a new vision for the authority and it will be presented to the committee within a month.