{"id":587244,"date":"2023-05-24T00:00:00","date_gmt":"2023-05-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/24\/officials-call-for-legislative-overhaul-to-boost-industry\/"},"modified":"2023-05-24T00:00:00","modified_gmt":"2023-05-24T00:00:00","slug":"officials-call-for-legislative-overhaul-to-boost-industry","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/24\/officials-call-for-legislative-overhaul-to-boost-industry\/","title":{"rendered":"Officials call for legislative overhaul to boost industry"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Officials called for new legislation to reduce red tape for industrial projects<\/span><span style=\"\"> during a <\/span><span style=\"font-weight:400;\">session at the National Dialogue yesterday. Proposals for a \u2018unified industrial law\u2019 would merge the disparate legislation currently in effect and set up an authority tasked with eliminating bureaucratic hurdles and simplifying licensing rules for the sector.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">There are too many laws that aren\u2019t in alignment:<\/span><span style=\"\"> The industry is currently governed by seven <\/span><span style=\"font-weight:400;\">different laws, 15 legislative amendments and many presidential decrees, said the head of the House Industrial Committee, Moataz Mahmoud. \u201dSome of these are in conflict with each other and so now it is the right time to merge all of them into one unified industrial law that will help create an investor-friendly climate,\u201d he said.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">And too many governing bodies: <\/span><span style=\"\">\u201cWe have 17 ministries that deal with industrial <\/span><span>activities in Egypt and all of these have to be merged into one system and regulated by one law,\u201d Industrial Development Authority (IDA) chairman Mohamed Abdel Karim said. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">GAFI x IDA: <\/span><span style=\"\">Mahmoud called for merging the General Authority for Freezones and Investment<\/span><span style=\"font-weight:400;\"> (GAFI) and the IDA into a single agency that would have sole regulatory authority for the industrial sector.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Boosting investment is a top priority amid the current crisis: <\/span><span style=\"\">Prime Minister Moustafa <\/span><span>Madbouly last week <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3816fe9-2abf-4b6c-91ce-680ea72e2d1b\" style=\"\">unveiled 22 regulatory reforms<\/a><\/span><span>aimed at making the country more attractive to foreign investors and increasing exports. The government is aiming to attract <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/158188ff-65a9-4146-adc1-5f53c1a3f6e5\" style=\"\">USD 40 bn in private investment<\/a><\/span><span> by 2026 and <\/span><span>increase exports <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/158188ff-65a9-4146-adc1-5f53c1a3f6e5\" style=\"\">to USD 100 bn a year<\/a><\/span><span> by the middle of the decade by embarking on a series of structural reforms and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a94808c5-7a0c-4027-a786-804f2dc35954\" style=\"\">reducing its involvement<\/a><\/span><span style=\"font-weight:400;\"> in the economy.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Industrial output is less than half of where it needs to be: <\/span><span style=\"\">There is a pressing need to raise <\/span><span>the industrial sector\u2019s contribution to the GDP to 40% from 16% currently, former <\/span><span>finance minister and the dialogue\u2019s economic rapporteur Ahmed Galal said. \u201cThe industrial sector in South Korea contributes 40% to GDP and we have to reach the same percent in Egypt in order to reduce imports and raise FX revenues \u2026 bureaucracy and conflicting laws are the only two reasons for the sector\u2019s minimal contribution to Egypt\u2019s GDP,\u201d he said.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What\u2019s next? <\/span><span style=\"\">Just like all of the recommendations brought up during the Dialogue, the proposal <\/span><span style=\"font-weight:400;\">will be referred to its board of trustees to then be presented to President Abdel Fattah El Sisi.  <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Attendees were discussing how to arrest the decline of Egypt\u2019s industrial sector<\/p>\n","protected":false},"author":1,"featured_media":587245,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7344],"tags":[72,461,289,7196,187,131,6821],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-587244","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-enterpriseam","tag-gafi","tag-industrial-development-authority","tag-industry","tag-legislation-watch","tag-manufacturing","tag-national-dialogue","wpautop","entry"],"acf":{"mongo_id":"23e53d51-d089-40ab-96f6-267fddc69462","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/1303.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Officials call for legislative overhaul to boost Egyptian industry","related_issue":[587237],"teaser":"Attendees were discussing how to arrest the decline of Egypt\u2019s industrial sector","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.2e60917e-fd5f-49fa-b9b8-e3ba1325622c.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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This bill would merge the five existing registries \u2014 the commercial, industrial\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":562313,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/19\/ida-exec-regs-are-the-law-of-the-land-sovereign-sukuk-inch-closer-to-legislative-clearance\/","url_meta":{"origin":587244,"position":1},"title":"IDA exec regs are the law of the land + sovereign sukuk inch closer to legislative clearance","author":"enterpriseam admin","date":"19 May 2021","format":false,"excerpt":"The wait is over for industrial investors: The executive regulations to the law regulating the Industrial Development Authority (IDA) come into effect today after being published yesterday in the Official Gazette (pdf), the Trade and Industry Ministry said in a statement. The ministry approved the regulations earlier this month, setting\u2026","rel":"","context":"In &quot;LEGISLATION WATCH&quot;","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/152.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581706,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/20\/senate-approves-bill-allowing-informal-industrial-projects-to-get-temporary-licenses\/","url_meta":{"origin":587244,"position":2},"title":"Senate approves bill allowing informal industrial projects to get temporary licenses","author":"enterpriseam admin","date":"20 February 2023","format":false,"excerpt":"Some 60k unlicensed industrial projects currently operate without a license","rel":"","context":"In &quot;LEGISLATION WATCH&quot;","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/alexandria-worker-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572041,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/09\/simplified-commercial-registry-and-a-new-outdoor-advertising-bill-get-nods-in-the-house\/","url_meta":{"origin":587244,"position":3},"title":"Simplified commercial registry and a new outdoor advertising bill get nods in the House","author":"enterpriseam admin","date":"9 June 2020","format":false,"excerpt":"LEGISLATION WATCH- Simplified commercial registry a new outdoor advertising bill get preliminary House nods: The House of Representatives\u2019 general assembly granted yesterday its preliminary approval to the draft Unified Economic Operators Registry Act, which would see new businesses registered under one roof, the local press reports. The bill would merge\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":578108,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/15\/unified-building-law-amendments-approved-by-senate-committee\/","url_meta":{"origin":587244,"position":4},"title":"Unified Building Law amendments approved by Senate committee","author":"enterpriseam admin","date":"15 December 2022","format":false,"excerpt":"Unified Building Law gets Senate committee nod: The Senate Housing and Local Administration Committee approved amendments to the 2008 Unified Building Law. The five-article bill bans construction outside authorized areas in cities, villages and districts. Some exceptions are made for plots that serve agricultural and livestock production, public service projects,\u2026","rel":"","context":"In &quot;LEGISLATION WATCH&quot;","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/326.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":628790,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/14\/finance-ministry-working-on-law-to-ease-transition-to-cashless-economy\/","url_meta":{"origin":587244,"position":5},"title":"Finance Ministry working on law to ease transition to cashless economy","author":"enterpriseam admin","date":"14 May 2018","format":false,"excerpt":"LEGISLATION WATCH- Finance Ministry working on law to ease transition to cashless economy: The Finance Ministry and central bank are working together to draft legislation to help ease the the state with its goal to transition to a cashless economy, government sources reportedly said yesterday. The law, which could go\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/587244","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=587244"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/587244\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/587237"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/587245"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=587244"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=587244"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=587244"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=587244"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=587244"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}