Egypt to launch digital platform for industrial investors

CAIRO – 2 November 2022:  Prime Minister Mostafa Madbouly attended Wednesday the signing of a protocol between the Ministry of Industry and Trade, and eFinance to design and launch a digital platform that is intended to serve industrial investors.

The ministry will collaborate with other agencies to offer all the services needed on the platform, and to plan the cycle of different procedures.

To further stimulate investment in the manufacturing sector, the Egyptian government launched earlier this week the "Golden License," which is a unified operation permit that will be issued to applicants three months from now.

The government had also begun an initiative dubbed "Start." Member of "Start" initiative Aya Hossam El Din stated in a TV interview Saturday that the number of industrial projects launched within the initiative is 64, and that they are concentrated in the sectors of home appliance, water treatment, and petrochemicals among others.

Hossam El Din pointed out that the initiative is estimated to substitute products that used to be imported at a cost of $16 billion. She added that a lab has been established to assess the quality of products manufactured locally, ensuring they meet international standards.

The main features of the initiative are tax exemption for five years, and offering lands for investors in the leasing system.