Wednesday, May 17, 2023 08:15 PM
Dr. Mostafa Madbouly, the Prime Minister, said that a set of new incentives will be prepared for real estate developers and will be presented and announced soon, explaining that there will be a permanent unit in the Council of Ministers to receive requests and discuss matters related to the establishment of startups to encourage young people.
He added, in a press conference at the council’s headquarters in the new administrative capital, that the president directed to set a timetable for implementing the decisions of the Supreme Investment Council.
He explained that a document will be drawn up for the state’s tax policies within 5 years and will be announced within 3 months, a regulatory decision to set a time limit for disbursing compensation to investors in cases of expropriation, not exceeding 3 months.
Important decisions of the Prime Minister during a press conference in the Administrative Capital
Important decisions of the Prime Minister during a press conference in the Administrative Capital
He pointed out that equality has been made between the private sector and government agencies of the state, and a unit has been established in the Council of Ministers to collect data of state-owned companies, explaining that real estate ownership has been opened to foreigners inside Egypt with controls in place, explaining that the government has a clear vision and plan for the natural gas sector, explaining that the maximum It takes 10 working days to complete the procedures for incorporating the company. In the event that the entity is not friendly despite completing all the papers, this is considered tacit approval.
He explained that the government exempted 20 industrial sectors from real estate tax for a period of 3 years in light of the state’s efforts to encourage investment and the private sector, and 1,400 complaints out of a total of 1,900 complaints were resolved by the Investors’ Problem Solving Committee, explaining that 50% of the private sector is informal, explaining that it is normal for the sector to be The private sector is afraid of pumping investments in light of the crises the world is witnessing.
He added that the meeting of the Supreme Investment Council came at an important time, and that all parties are working on the participation of the private sector in the development projects undertaken by the state, and encouraging the private sector to take the lead with the state in the next stage.
