Qabil, World Bank officials meet to discuss upgrading Egypt’s industry sector

Egyptian Industry Minister Tarek Qabil met with officials at the World Bank on Monday to showcase ministry’s efforts to develop the infrastructure of Egyptian industry sector.

The meeting discussed the vision of Egyptian ministry to achieve its industrial development plans within the upcoming period

During the meeting, Qabil asserted that the ministry is currently forming main centre at Egyptian Industrial Development Authority (IDA) to be responsible for issuing industrial licences according to rules of the new industrial licences law.

The new law got the approval of the Cabinet and waiting the endorsement of the Egyptian parliament.

The new centre would be an essential core for granting licences, the minister added, clarifying that the ministry would establish another offices for the centre at IDA’s branches in all Egyptian governorates to be linked with the headquarter electronically.

Qabil pointed out that the ministry has already started setting out the executive rules of the new law to be ready for applying after getting the approval of the parliament.

He expected the law to be actually applied within three months after being endorsed.

The minister told the officials that the new law would cause a leap in industry sector as it would attracting more investments through granting licences in a few weeks.

On other side, the latest report released by the World Bank showed that the investor needs 634 days to get the licence, thus the new law would affect investment movement in Egyptian industry sector positively, the minister clarified.