by: Ahmed El-Mahdi
The Investors Union has called on the government to grant lands to each investors association in various governorates to supply them with the needed utilities, in conjunction with the continued activation of the industrial developer system, so that there would be an opportunity for investors to choose at suitable prices for all capital wishing to pump in new investments in the coming phase. This would certainly bear fruit on the economic and industrial situation.
Mohamed Farid Khamis, the Head of the Union, said one square meter of land with utilities should not be offered at around EGP 1,650 amidst the fierce competition among world countries. One square meter of land with utilities in the United States stands at dlrs 4, which is equivalent to EGP 35, euro 6 in Europe, which is equivalent to EGP 48 and EGP Zero in China because they are granted as usufruct.
He added that this is what makes him say that the developer “spoiler” industrial system, as he termed it, is not suitable for a country as big as Egypt which has been witnessing damage since the approval of its application.
He added “I am not afraid of anyone. The beneficiary of the developer system is well-known. It is better that the land are provided at prices for utilities only that do not exceed EGP 300 so that there would be a real competition in attracting investments which all officials seek to be achieved in the coming period.”
Meantime, the Upper Egypt investors called on Minister of Industry and Foreign Trade Eng. Tariq Qabil, to pay the due membership fees of factories to the Chambers of Commerce in installments. These fees hamper the renewal of the commercial registry of the factories to be able to obtain loans and other stalled procedures.
Ali Hamza, the board member of the Egyptian Federation of Investors Associations, said the Upper Egypt factories called on the former industry minister to approve paying the fees which amount to EGP 40,000 for each factory in installments as this is the available solution right now so that factories are capable of maintaining production.
He explained that the fees paid by industrialists which amount to EGP 2000 for each EGP one million are not compared with fees paid by owners of factories to the Federation of Egyptian Industries which do not exceed EGP 700 and they should be cancelled.
He pointed out that the investors of industrial cities in Upper Egypt have not paid the membership fees of the Chambers of Commerce since the establishment of the industrial cities in 1997, which is an obstacle before factories for the renewal of the commercial registry used in obtaining loans. This requires a swift solution, he said.
