{"id":604222,"date":"2023-08-28T00:00:00","date_gmt":"2023-08-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/28\/el-sisi-announces-fresh-measures-to-support-manufacturing-activity-russian-chinese-manufacturers-to-invest-in-new-plants-in-egypt\/"},"modified":"2023-08-28T00:00:00","modified_gmt":"2023-08-28T00:00:00","slug":"el-sisi-announces-fresh-measures-to-support-manufacturing-activity-russian-chinese-manufacturers-to-invest-in-new-plants-in-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/28\/el-sisi-announces-fresh-measures-to-support-manufacturing-activity-russian-chinese-manufacturers-to-invest-in-new-plants-in-egypt\/","title":{"rendered":"El Sisi announces fresh measures to support manufacturing activity + Russian, Chinese manufacturers to invest in new plants in Egypt"},"content":{"rendered":"

A <\/strong> new <\/strong> package of incentives for industrial projects: <\/strong>President Abdel Fattah El Sisi yesterday instructed cabinet to implement a fresh package of incentives to support industrial activity and accelerate localization. In a statement<\/a>, the presidency called for fresh tax breaks, discounts on land prices, and an expansion of the single-approval \u201cgolden\u201d license in a bid to accelerate projects in priority sectors<\/a>, which include chemicals, metals, building materials and textiles, and increase foreign direct investment.<\/p>\n

#1- Exemptions from (almost) all taxes: <\/strong>El Sisi directed the cabinet to give all industrial projects in priority sectors a five-year exemption from all taxes, excluding VAT. The exemptions could be extended for a second five-year period, depending on whether the company meets investment targets.<\/p>\n

The caveats: <\/strong>To qualify for the tax exemptions, companies must have their projects up and running within three years. Renewing the tax breaks will depend on the volume of foreign investment as well as other undisclosed stargets decided by the cabinet.<\/p>\n

#2- An added incentive for finishing projects quickly: <\/strong>Businesses that get their projects up and running in half the agreed upon time frame will receive a 50% drawback on the price they paid for the land.<\/p>\n

Remember: <\/strong> The Industrial Development Authority is currently inviting investors to bid for<\/a> industrial land plots<\/a> under the latest phase of its investment map.<\/p>\n

#3- Expanding the golden license: <\/strong>El Sisi also directed the cabinet to expand the granting of golden licenses<\/a> to all the projects working to deepen localization, the statement reads, without providing further information. Amendments to the Investment Act<\/a> that received final approval from the House of Representatives last month aim to expand the eligibility for golden licenses. <\/p>\n

Remember: <\/strong>Golden licenses<\/a> fast-track new industrial and infrastructure projects. Also known as \u201csingle approval licenses,\u201d they allow investors to require only one approval that covers everything from establishing the project, land allocation and building licensing, through to operation and management.<\/p>\n

Background: <\/strong> This is the latest in a series of moves aimed at boosting industry and attracting new foreign investment into the sector. Egypt has been grappling with an FX crunch which has led the government to incentivize local manufacturing aimed at import substitution and industry localization.<\/p>\n

<\/p>\n

NEW INDUSTRIAL PROJECTS ANNOUNCED- <\/strong><\/p>\n

We got word of several new industrial projects yesterday<\/strong>, including two which will receive hundreds of mns of USD of foreign investment from Russian and Chinese firms.<\/p>\n

#1- Novostal M to invest USD 400-500 mn in local steelworks: <\/strong>Russia-based steel maker Novostal M<\/a> plans to spend USD 400-500 mn to set up a steel factory in Egypt, Asharq Business<\/a> quotes a government source as saying, without giving further details. The company currently produces 2.8 mn tons of reinforced steel every year from its factories in Russia. Representatives were reportedly in Egypt earlier this month to discuss investing in the local steel industry.<\/p>\n

More steel licenses on the way: <\/strong>The government is planning to issue six more pellet steel production licenses to major foreign investors or local-foreign consortiums in 2024, an Industrial Development Authority (IDA) source told Enterprise. Prior to the war in Ukraine, steel licenses were granted to local firms, but the government is now prioritizing foreign companies to attract FX into the country, our source said.<\/p>\n

#2- Chinese textiles giant to establish USD 60 mn factory: <\/strong>The local unit of Shanghai-listed Chinese textile manufacturer Zhejiang Cady Industry will invest USD 60 mn to establish a factory in China\u2019s TEDA industrial zone in Ain Sokhna, Suez Canal Economic Zone (SCZone) said<\/a> yesterday after the laying of the foundation stone. Egypt Cady Textile<\/a> will construct the 145k square-meter factory across three phases, with the first set to start this year and wrap up before the end of 2024. The factory will produce 50k tons of environmentally-friendly fabrics and 8 mn pieces of seamless clothing every year, which will be exported to Europe and the United States.<\/p>\n

#3- Al Amal to establish new factory: <\/strong>Al Amal for Food Industries<\/a> is planning to invest USD 3 mn to establish a pectin factory in Sadat City, Al Borsa<\/a> reports. The project would be in partnership with the German development agency GIZ and Chemonics Egypt Consultants. <\/p>\n","protected":false},"excerpt":{"rendered":"

Industrial projects in priority sectors will get a five-year exemption from most 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FDI into the automotive sector remains a challenge, El Sisi says: The government hasn\u2019t been able to attract the foreign direct investment needed to spur growth in the automotive industry, President Abdel Fattah El Sisi said during the Investment for Africa Forum, which wrapped up yesterday in\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/7\/34.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546183,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/more-from-el-sisis-economy-speech-growing-the-egx-support-for-local-industry-cutting-public-debt\/","url_meta":{"origin":604222,"position":1},"title":"More from El Sisi\u2019s economy speech: Growing the EGX, support for local industry + cutting public debt","author":"enterpriseam admin","date":"8 May 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El Sisi\u2019s arrival in India yesterday for a three-day visit dominated the airwaves last night, as the talking heads parsed the significance of El Sisi being the first Egyptian president to be honored as \u201cchief guest\u201d at celebrations to mark the country\u2019s 74th\u2026","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/448.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595786,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/06\/el-sisi-ratifies-amendments-to-investment-act\/","url_meta":{"origin":604222,"position":3},"title":"El Sisi ratifies amendments to Investment Act","author":"enterpriseam admin","date":"6 August 2019","format":false,"excerpt":"LEGISLATION WATCH- El Sisi ratifies amendments to Investment Act: President Abdel Fattah El Sisi has ratified amendments to the Investment Act that allow expansions of existing investment projects to benefit from newly introduced incentives, according to an Investment Ministry statement. The amendments also require prospective business owners to obtain permission\u2026","rel":"","context":"In "Speed Round"","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":596488,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/29\/japanese-investors-urged-to-set-up-japanese-industrial-zone-in-suez-canal-area\/","url_meta":{"origin":604222,"position":4},"title":"Japanese investors urged to set up Japanese industrial zone in Suez Canal area","author":"enterpriseam admin","date":"29 August 2019","format":false,"excerpt":"We already have a RIZ and a CIZ \u2014 are we about to get a JIZ? Japanese investors attending the Tokyo International Conference on African Development (Ticad) have been urged to set up an industrial zone in the Suez Canal area, Ahram Online reports. Speaking at the Egyptian-Japanese Business Forum\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/8\/945.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595884,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/08\/el-sisi-inaugurates-large-fertilizer-complex-in-sokhna\/","url_meta":{"origin":604222,"position":5},"title":"El Sisi inaugurates large fertilizer complex in Sokhna","author":"enterpriseam admin","date":"8 August 2019","format":false,"excerpt":"President Abdel Fattah El Sisi inaugurated a new phosphate and compound fertilizer manufacturing complex at the Ain Sokhna Industrial Zone yesterday, according to a local press report. The complex is said to be the largest in the Middle East and houses nine phosphate-based fertilizer factories. It contains a water desalination\u2026","rel":"","context":"In "Manufacturing"","block_context":{"text":"Manufacturing","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/manufacturing\/"},"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\/604222","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=604222"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/604222\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/604217"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/604223"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=604222"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=604222"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=604222"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=604222"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=604222"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}