Sisi: New Enterprise Development Law Offers Unprecedented Facilities

President Abdel Fattah El Sisi discussed Thursday with Prime Minister Mostafa Madbouly and Minister of Trade and Industry Ms. Nevine Gamea the plans of Micro, Small and Medium Enterprises Development Agency (MSMEDA).

The meeting discussed the plans of Micro, Small and Medium Enterprises Development Agency (MSMEDA) to support the economic activity and various national initiatives, according to Presidency Spokesperson Bassam Rady.

In this regard, Sisi directed the officials concerned to enhance the MSMEDA’s activity.

"The aim is to help spread the culture of entrepreneurship, creativity and innovation among youth and citizens, provide job opportunities, and create a favorable environment in which promising initiatives that would contribute to the development of this sector would be implemented," Sisi affirmed.

For her part, Gamea discussed the new Law No. 152 of 2020 that was issued to regulate the development of Micro, Small and Medium Enterprises. It provides an unprecedented package of facilities through the MSMEDA.

The law aims to:

• - Reconcile the status of informal projects.
• -Provide various tax incentives.
• -Reduce customs tariffs on imported equipment and machinery needed to establish projects.

Hence, this will help raise competitiveness and promote the local component in the industry.

The new law also includes extensive facilities pertaining to the procedures for establishing new projects based on a one-stop-shop system, which includes information systems of all government agencies to issue licenses and approvals. In addition, the law aims to reconcile the status of informal sector projects that qualify for a simplified tax system.

Sisi discussed the efforts made to activate the MSMEDA online platform. It represents an integrated information structure to document products, projects, and information from all relevant state agencies. Moreover, this platform provides services to project owners online so as to help reduce the risk of COVID-19 spread.

Moreover, the president directed the officials to draw up an integrated plan to develop the state’s industrial sector in a comprehensive manner- including the current industrial complexes across Egypt- and establish new industrial entities.

Sisi also called for providing local industrial inputs with the aim of reducing the production cost, thus promoting the marketing and sales of the products, increasing the persity and competitiveness of the national economy, and providing more job opportunities.1