2,085 plants inagurated in Egypt with 58 bln pounds investments

There are 2,085 new industrial establishments inaugurated in 25 Egyptian governorates with total investments of 58 billion Egyptian Pounds during 2016-2017 according to the Chairman of the General Authority for Industrial Development  Ahmed Abdel Razek.

The number of new industrial establishments used to record 827 plants per year during the period between 2007 and 2015.

Abdel Razek added that the new industrial licensing law has boosted the industrial investment rates in Egypt, whereas 600 new plants have been built in Cairo and Giza as well as the other governorates such as Sharqia  has got the lion share of the number of plants with 313 new ones.

on the other hand, the volume of investments has registered 58 billion pounds with number of workers of 68.2 thousands and value of wages of 1.4 billion pounds.

On the other hand, the regulation aims at simplifying the procedures and shortening the documentary cycle and eliminating the bureaucracy and facilitating investors to obtain the necessary licences and operating licences, which is one of the most important factors affecting the classification of Egypt in the doing business reports of international institutions.