Today, Saturday, Egyptian President Abdel Fattah El-Sisi announced the granting of a gold license to all investor applicants for a period of 3 months.
During the forum and the first international industry exhibition, the head of the Federation of Egyptian Industry, engineer Mohamed Zaki Al-Suwaydi, stated that “there are great opportunities for huge growth, and requests from large companies that want to work, other than small and medium-sized companies, but they are facing some problems.”
Addressing President Sisi, he added: “Oh, I would like you to regret that the gold license remains with everyone, and they work immediately without approval.”
Al-Sisi commented on Al-Suwaydi’s request by saying, “We will grant a gold license to all applicants for a period of 3 months and we will see how the world works.
The Egyptian President continued: “We are opening the door to the end, because the working and management mechanisms are not what we want in Egypt, and we are interested in the country looking forward.”
Following this directive from President Sisi, Yum7 clarified that the gold license is a single license issued to new projects in order to accelerate the start of production and investment activities, and does not require approval from a number of authorities, such as a traditional license.
Seventh Day pointed out that the term “golden license” is associated with a cabinet meeting on December 23, 2021, at which Prime Minister Mostafa Madbouli approved a draft resolution submitted by the General Directorate of Investment and Free Zones regarding the definition of the allocation of sub-sectors for investment activities in sectors “A” and (b), in accordance with the provision of Article 11 of the Law on Investments regarding investment incentives, indicating that the Law on Investments concerns the issue of simplifying procedures for investors to create projects and obtain the necessary licenses, and issues related to the facilitation of procedures , included in 29 articles of the law, all under the item “Overcoming bureaucracy”, the most important of which is the work to create an investment window in all branches of the General Investment Authority to process investor requests.
The newspaper reported that the government had decided to set up a special committee whose role would be to solve the problems of investors, facilitate the issuance of licenses and immediately resolve all problems related to the creation of new investment companies and projects.
She emphasized that the license does not exempt the investor from specific requirements, but summarizes everything in one approval, and it is necessary that investment projects eligible for a gold license comply with all regulatory requirements from various government bodies, but the fundamental difference is that the investor goes through a much simpler process that reduces time and effort, eliminates the need to obtain separate approvals from dozens of different authorities, and even procedures related to building permits are summarized in a gold license, meaning that if a gold license is obtained, then all necessary approvals will be obtained to launch the project.
Source: “Al-Watan” + “Seventh Day”