Industry Committee
New law to support industrial development strategy
The Industry Committee met on June 18 with guest speaker Amr Assal, chairman of the Industrial Development Authority (IDA), to discuss “The new industry law and business opportunities offered by the Industrial Development Authority.”
Assal began his presentation by explaining how the IDA is one of the main pillars of Egypt’s industrial development strategy. The agency was launched in March 2006 as a focal point to realize the Government of Egypt’s vision of export- and FDI-led economic growth through industrialization. It works with various public and private partners to facilitate industrial expansion, enable private sector development of industrial zones, and ensure an efficient and business-friendly regulatory environment
The IDA’s immediate objectives include revising all regulations upgrading Egypt’s 79 existing industrial zones, launching public-private partnerships and developing the Master Industry Plan 2005-11. It is also heavily involved in formulating the draft industry law.
Assal said the new legislation consists of five chapters: organization of industry and industrial chambers, planning and setting industrial zones, unifying standards and rules of origin, quarries wealth and their use in industry, and incentives for industry and related scientific research and new energy projects.
He pointed out that Egypt has 76 direct and indirect laws that regulate industry through 125 different state authorities, investor organizations, civil societies, governorates, ministries and university bodies. The new industry law will provide a single authority for the investor to deal with, and will set the implementation regulations to attract and encourage investors. These regulations will be related to specific standards of production, operation and exportation, he explained.
He said the legislation is expected to be ready by the end of this year and will be sent to the People’s Assembly and Shoura Council for approval after its ratification by the cabinet.
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