Industrialists: Gov't decisions in 2017 helped improve investment atmosphere

CAIRO - 31 December 2017: The Egyptian government has taken several decisions and measures during 2017 which helped improve the investment atmosphere, increase foreign investment flow and made the country one of the most attractive investment destinations, according to a number of industrialists.

They pointed out to a number of other decisions that have helped increase exports and decrease imports, mainly launching the first industrial investment map, issuing the license law for investment firms and giving attention to micro, small and medium-sized enterprises which are considered the backbone of Egypt's industry.

Launching the first industrial investment map offered a platform for interaction with investors that contributes to offering information on industrial zones that are open for potential investments, Head of the Federation of Egyptian Industries Mohamed el Swedi said.

The map covers all Egyptian governorates and all sectors, he said.

He referred to the easiness of obtaining industrial licenses, saying "it only takes a week now after taking a long time in the past." The local component in the industrial product has increased to 40%, up from 25 which contributed to more value to the local products and offering more employment opportunities.

The decision of the Trade and Industry Minister Tarek Qabil to form a working team featuring representatives of his ministry and the Ministry of Housing and the federation to draw up a blueprint for the needs of national projects in terms of equipment and products and manufacturing them locally was one of the key decisions that helped push forward industrialization, according to Head of the Engineering Industries Chamber Mohamed el Mohandes.

He hailed the decisions taken by the government which helped a great deal in depending on the Egyptian products as a key factor in economic development.

The government has taken decisions that contributed very much to curbing imports and pushed merchants and importers to encourage the national industry, he said