19/09/2023
​Gentelemen/ Members of the Chamber
Greetings,
Asharqia Chamber extends its warm regards and wishes to inform you that it has received a letter from the Saudi Chambers Union, numbered (45500961) and dated (29/2/1445 AH). The letter refers to an email received from the General Authority for Foreign Trade, which includes the Ministry of Foreign Affairs' telegram stating that His Excellency the President of the Arab Republic of Egypt issued directives on (27/8/2023) to the government to launch a new package of incentives aimed at supporting industrial activity and accelerating the industrialization process. The incentive package includes the following:
Exemption of all industrial projects targeting strategic industries from all types of taxes, except for value-added tax (VAT), for a period of five years, renewable for another five years depending on the company's achievement of its investment objectives, on the condition that the beneficiary projects are implemented and operational within a maximum period of three years. Renewal of exemptions will be based on specific industries, according to the size of foreign investments and according to regulations that have not yet been announced and will be determined by the Council of Ministers.
Refund of up to 50% of the value of the allocated lands to investors and companies in case they implement their projects within half of the specified timeframe.
Expansion of the issuance of golden licenses for all projects aimed at enhancing local manufacturing. The Embassy also added that these new incentives are part of a series of measures aimed at boosting the industry and attracting more foreign investments to the country. The government aims to provide incentives for manufacturing to reduce imports and encourage efforts in industrial localization.
Sincerely
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