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The Industrial Development Authority (IDA) has granted licenses to 40,000 industrial entities since the introduction of the new Industrial Permits Act in 2017.
The new act has facilitated the procedures of starting an industrial business and it reduced the time needed to acquire an industrial license to 30 days, from more than 600 days.
The law aimed to reduce the period required to obtain industrial licenses from 634 days according to the World Bank study to 7 days for low-risk industries (licensing notifications), and 30 days for high-risk industries (pre-licensing), which offers significant facilities for manufacturers and encouraged informal economy factories to enter under the umbrella of the formal economy.
