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Sunday, November 30, 2014

Abdel Nour: the revision of existing laws to attract investment

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Munir Fakhry Abdel Nour, Minister of Industry and Trade, small and medium industries, that the ministry is doing its part with regard to the revision of the current industry and trade laws, and we need new laws, including making the investment environment in Egypt attractive in the coming period. Abdel Nour said that in addition to the role played by the Ministry of Investment in this regard, the Ministry of Industry and Trade has introduced amendments to the current Companies Act, including that in the context of government procurement Egyptian product preference by 15%, and this article despite the presence they do not do in many often, so the new adjustments included activated with a deterrent punishment for each of the contrary, as the text in the new amendments to be not less than the Egyptian component for 40% of government projects, as will be discussed exit law of the market, the ministry has returned the "will of the initiative." and making a great effort in the revision of laws issued under the facilitation measures. Minister of Trade and explained that he has recently been issued regulate the exploitation of the mineral resources law, and it should be reviewed in the context of major projects, so that it is attractive to invest in this important sector With regard to the possibility of a quick return to the citizen of the great state of national projects, Abdel Nour said that major projects will bear fruit in the long term, but you should be aware that have an impact immediately, and the proof is that the unemployment rate has fallen in Egypt, and we managed to absorb the numbers entering the labor market, and a significant improvement in the unemployment rate, even though it was a little improvement, referring to the architecture and investments movement Alahanbah clear to the eye.
He said that the economic plan of the State is not only the major projects concerned, but also small and medium-sized projects and even infinitesimal because they intensive sectors of employment, and the law governing issued to finance small micro enterprises, that are interested in providing simple projects in the community, has no more capital a few hundred or thousand of pounds, but for a business opportunity and a source of income for small families seeking to improve their standard of living. With regard to small industries, the minister pointed out that we have begun are building in all industrial areas complexes industrial projects and small and medium-sized, so there will be nutritious Industries Small Industries or working on large industries output, in order to ensure its success and sustainability, and in this regard will be opened in the first week of December Merghem complex plastic and chemical industries, as well as interest in craft-industry and handicrafts and stationed in certain areas in various provinces, where we offer technical support her and provide her marketing opportunities in domestic and foreign exhibitions, and provide funding to expand or start a new activity with the publication of a small youth project culture at different levels to be the dream of all of them set up a small business instead of looking for a government job, which will not find it. He added that the ministry will provide care for the project since the idea through the Social Fund, and funding through funding programs for small projects in various banks, and technical support through the Industrial Training Center to train workers, and also IMC to assist in the marketing and product development, as we study currently the law attracting industrial sector and trade irregular and non-formal system to fall within the state's economy, and this is done through a number of incentives to provide funding, training and marketing assistance and complete the facility in obtaining licenses. With regard to the provision of industrial land to investors, Minister of Commerce pointed out that Gary complete because of what each procedure and fees imposed on dealers through new board of directors for the Industrial Development Authority, so this time we can not say that it has been resolved all allocated for investment industrial land problems between Urban Communities Authority The Industrial Development Authority, but has been reached that the urban Communities Authority will be entrusted with the Industrial Development Authority in industrial land conservation and how it is allocated because the commitment to professionalism bids law poses a problem in this regard because it does not take into account investors pull factor is not the right of the investor to expand or right preemption access to land, as we have a draft amendment Industry Act to allow for the Industrial Development Authority to allocate land by direct order according to the rules laid down and approved by the Council of Ministers, and this is currently in the presidential law.

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