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Eng. Amr Assal – chairman of Industrial Development Authority (IDA) – held a meeting in Akhbar El Yom Academy on January, 16th, 2008 with 6th October City Investors to discuss their problems, especially land freezing issue and its impact on the industrial investment in Egypt. This paralleled the opening of the Turkish-Egyptian Industrial Park in 6th October City by the Turkish president and H.E. Minister Rachid.
 The meeting discussed some problems from which the investors' suffer especially, land freezing phenomenon, which had very bad impact on industrial investment, with wasted investment over 10 billion pounds. Besides, there are more than 5 million sqm - that was allocated from 10 to 25 ago- in the custody of land freezing, which in turn caused the lose of real and healthy investment opportunities in the presence of a waiting list of more than 700 investors in need of land for their industrial projects.
As illustrated by eng. Assal, such a phenomenon – land freezing – spread as a result of many reasons, for example; defect in its legislations, gaps exploitation, and over all slow procedures. The solution is adopting new rules to ensure optimum land use and withdrawal in case of non implementation of the project after 1 year of allocation date. In case of completing 5% of the project, the investor should submit a letter of guarantee worth 5% of the investment cost.
In this regard, members of Investors' Assembly in 6th October demanded the existence of One Stop Shop system for issuing projects' approvals instead of dealing with more than one place – the fact that opens the door for manipulation. Dr. Mohamed Khamis – the Assembly's Secretary General – called for the establishment of Industrial Development Authority branch in 6th October through the coordination between 6th
October City's body |