Egypt’s Ministry of Industry interduces new initiative allowing investors to reapply for industrial land offering
Date
8/12/2024 6:54:54 AM
(MENAFN) In a recent announcement, Egypt’s Ministry of Industry has introduced a new initiative allowing investors whose feasibility studies were previously approved but who did not secure industrial land, to reapply for the same area and industrial activity without the need to resubmit their documentation. This move is aimed at streamlining the process for investors and facilitating their access to industrial land.
This new application period provides an opportunity for investors who faced challenges in obtaining land despite having their feasibility studies endorsed. By eliminating the need for resubmission of documents, the ministry seeks to reduce bureaucratic hurdles and expedite the process of securing industrial land.
In parallel, the Ministry of Industry is also advancing a significant effort to formalize the status of informal factories operating outside the regulatory framework. This initiative is part of a broader strategy to integrate these informal enterprises into the formal economy. As part of this process, informal factories will be evaluated by an inspection committee from the Authority. This committee will outline the steps necessary for legalizing these factories and assess their environmental impact to ensure they meet regulatory standards.
The formalization effort aims to enhance the overall industrial landscape by bringing informal factories into compliance with regulations, thereby promoting sustainable practices and contributing to the country's economic development. By addressing both land allocation and the integration of informal businesses, Egypt is taking steps to bolster its industrial sector and improve investment opportunities.
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