(MENAFN- Daily News Egypt) Preparations for the pilot launch of Egypt's industrial investment map are completed, and it will be launched in two months, Chairperson of the Industrial Development Authority (IDA), Magdy Ghazi, said on Monday.
Ghazi explained that the industrial investment map is being prepared by the cabinet, in collaboration with the National Centre for Planning State Lands Usage (NCPSLU), the New Urban Communities Authority (NUCA), the General Authority for Investment and Free Zones (GAFI), and local administrations in several governorates.
In 2018, Prime Minister Mostafa Madbouly said the government aims to improve the competitiveness of Egypt's industrial sector, in order to encourage industrial investment in the next four years, and boost the country's industrial growth rate from 6.3% in 2018 to 10.7% by 2022.
According to Ghazi, the new investment map would allow Egyptian and foreign investors to view the available industrial investments opportunities, as it provides an integrated database on industry in Egypt, and would show all the necessary data, including land prices, and the required documents.
Furthermore, investors would be able to submit a request for land purchase and send the required documents online, and after the initial approvals they would be invited to complete the remaining allocation procedures.
The IDA has offered 31m sqm of industrial land during the last three years within the ministry of trade and industry development strategy, which aims to provide 60m sqm of land for industrial investment, and to overcome the scarcity of industrial land.
Ghazi revealed that the ministry's plan aims to establish 13 new industrial complexes for small and medium industries, adding that two industrial complexes would be launched soon for investors, Margham 2 in Alexandria, and the Red Sea complex.
Since 2016, over 3,114 factories have been established in Egypt, with a total investment of around EGP 73.7bn, employing 102,000 workers, according to the government's data.
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