IDA head: New incentive package to make quantum leap in industrial growth

Chairman of the Industrial Development Authority (IDA) Mohamed Abdel Karim asserted a new incentive package, which has been recently ordered by President Abdel Fattah al-Sisi to support industrial projects, is aiming to deepen local manufacture.

Such new incentives include greater facilitations and exemptions, in addition to increasing chances of obtaining the “Golden License” by all projects, which shortens all the regulatory requirements in a one-step approval that reduces time and effort, for ventures aimed at entrenching local industries, added Abdel Karim at a meeting with a delegation representing major Austrian company Kronospan Saturday.

This incentive package will make an unprecedented quantum leap in industrial growth rates and the flow of capital locally and globally into the Egyptian market in the period to come, he added.

The meeting discussed the company’s request to set up a new wood factory at initial investments of 50 million dollars.

Abdel Karim affirmed the authority spares no effort to offer all facilitations and support to the company to start doing business in the country as soon as possible.

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