Egypt Reduces Factory Licensing Costs and Launches Digital Complaints System
Egypt's Industrial Modernisation Centre announced measures to reduce administrative and financial costs for manufacturers, including accelerating licensing and launching a unified digital complaints system.
Ayman El-Bayah, Executive Director of the Industrial Modernisation Centre in Egypt, reviewed a package of measures aimed at reducing administrative and financial burdens on manufacturers during a meeting with the 6th of October Investors Association, according to Youm7.
The measures include reducing estimated construction costs, exempting a wide segment of factories from the insurance policy requirement, a move that lowers compliance costs for small and medium enterprises.
The package also includes expediting licensing procedures and the launch of production, alongside a unified digital complaints system that enables manufacturers to track their requests and resolve obstacles electronically.
These steps come as part of the Egyptian government's efforts to improve the business environment and encourage industrial investment, amid regional competition to attract factories and investments.
What do these terms mean?
Industrial Modernisation Centre: An Egyptian government agency that provides technical and financial support to factories to help them raise their efficiency.
Operating Licenses: Official approvals granted by competent authorities to a factory to legally start operation and production.
Insurance Policy: A document required by the regulator to verify insurance coverage, representing an administrative burden for small factories.
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