ECONOMY

Incentives provided for investments

incentives-provided-for-investments

The Ministry of Development and Investments has released for public consultation a draft bill that aims to encourage investment through a series of incentives.

The title of the bill is “Strategic Investments and Improvement of the Investment Climate through the Speeding up of Approval Procedures in Private and Strategic Investments.” There are seven categories of investments, depending on factors such as the size of the investment, the jobs it will create, the sector it concerns, whether it is environmentally friendly etc.

The incentives include a stable tax regime over 12 years, favorable site planning terms and an accelerated permit granting process, which cannot exceed 45 days.

Prioritized sectors include agribusiness, biotechnology, aerospace, artificial intelligence, medical tourism, robotics, cloud computing, waste management and research and innovation.