Industry Act Amendment To Encourage Investing In Upper Egypt, Sinai: Minister

Egypt’s Shura Council, Upper House, has accepted to amend the industry law that allows the Egyptian Ministry of Industry, represented in the Industrial Development Authority (IDA), to set a new system for allocating the plots of land.

Saleh stated that the new amendments will provide incentives for the areas that need care  like Upper Egypt and Sinai, as well as the small and medium enterprises and the  industries with strategic dimension such as  the solar cell industry and the electronic chips.

In exclusive statements to “Amwal Al Ghad”, Saleh mentioned that approving the amendment of the bids system of the industrial lands to be closed is imminent. This system is to substitute the open bids in order not to raise the indicator of pricing the industrial lands.

The closed bids system will allow the owners of the small and medium enterprises to get plots of land at suitable prices, in an attempt to shift reliance on the SMEs in the coming period.