Egyptian President Abdel Fattah El Sisi called for promoting the activity of the Micro, Small and Medium Enterprises Development Agency (MESMEDA), in order to spread the culture of entrepreneurship, creativity and innovation among the young people and citizens as well as to create job opportunities and establish a favourable environment for the implementation of ambitious initiatives related to the development of this sector.
The president’s remarks came Wednesday during his meeting with Prime Minister Moustafa Madbouli and Minister of Trade and Industry Nevine Gamea, Presidency Spokesman Ambassador Bassam Radi said.
During the meeting, the president listened to a presentation by Minister Gamea on the new Enterprise Development Law No. 152 of 2020 and its executive regulations, which provides an unprecedented package of facilities through the MESMEDA to address the status of informal industrial projects, provide various tax incentives and reduce customs duties on imported equipment and machinery needed to establish projects.
This will help raise competitiveness and encourage using the local component in the industry. The new law also includes extensive facilities regarding procedures for establishing new projects with a one-stop-shop system, which includes all government agencies required to issue licences and approvals.
It also includes measures to address the status of informal sector projects and submitting them to a simplified tax system.
The president also reviewed efforts to activate the MESMEDA, which represents an integrated information structure to document products, projects and information from all relevant government agencies as well as facilitating services to project owners through electronic means in line with the precautionary measures related to the coronavirus pandemic.
The president also called for creating an integrated plan to develop the industrial sector in the country in a comprehensive manner, including the current industrial complexes nationwide as well as the establishment of new industrial entities.
He also directed the government to support the provision of inputs for local industries, with the aim of reducing the cost of production and then increasing product marketing and sales, boosting the competitiveness of the national economy, and creating more job opportunities.
