|
In the framework of the efforts to encourage industrial investment and facilitate constructing projects, Dr. Mahmud Essa, Minister of Industry and Foreign Trade issued a ministerial decree contains a series of decisive actions, including reducing the value of letters of guarantee on all lands within industrial zones in new cities and governorates, where it shall be applied retroactively and extending the additional grace period for all industrial projects. The minister announced that such decree aims to reduce the value of letters of guarantee on all lands within industrial zones in new cities and governorates according to the area to become (Thirty pounds per a meter for a space less than one thousand square meters instead of 50 pounds per a meter and fifty pounds per a meter for a space more than one thousand square meters instead of 70 pounds per a meter). The previous procedures on the earlier letters will be applied retroactively in accordance with the applicable regulations and procedures in the Industrial Development Authority
The decree also included extending the additional grace period given to all industrial projects to 31 \ 12 \ 2011 instead of 09.30.2011. Everyone meets the requirements of industrial register has the right to extract a permanent industrial register but shall be reviewed every five years according to the applicable rules and procedures.
So that all inspections carried out by the Industrial Development Authority are canceled however, IDA Chairman may determine the inspection in some cases. The ministerial decree included also exempting applicants from the clause required presenting product conformity certificate to the specifications when submitting the application to obtain the industrial register, the controlling of Industrial Control Authority shall be enough to determine applicants compliance with the specifications and they shall be exempted from the clause required presenting a technical assistance contract, where they shall provide the project's feasibility study.
The decree emphasizes the necessity of activating the role of Industrial Development Authority' offices in the governorates to be within period of 6 months as a maximum have the role of IDA main headquarters in extracting licenses of all kinds, except land allocation where it shall be done in coordination with other relevant bodies. The second clause in decree provided on canceling any precedent ministerial decrees opposites what stated in present decree.
|