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New support measures for industrial projects
The Minister of Industry, Khaled Hashem, issued a new decision that includes unprecedented facilitation for industrial investors, aiming to stimulate factory operation and simplify processes for changing activities. The decision abolished the three-year registration period for relinquishing industrial land and the one-year period for leasing, conditioned on proof of seriousness through actual commencement of operation. It also provided distressed projects with flexible periods ranging from 6 to 18 months depending on the level of progress, along with waivers of fines during the initial months. Additionally, the amendments allow investors to transfer between industrial sectors with the approval of the authority, in order to promote expansion, accelerate production, and support the national economy, with a focus solely on serious projects.
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