Last Update 20:45
Saturday, 16 November 2019

Egypt's MP slams government decision to impose more fees on free zone areas

Head of the committee Farag Amer said the decision could be a setback for direct investment in Egypt. Gamal Essam El-Din reports

Gamal Essam El-Din , Monday 2 Sep 2019
Farag Amer
Head of the Egyptian parliament's industrial committee Farag Amer (Photo: Al-Ahram)
Share/Bookmark
Views: 1339
Share/Bookmark
Views: 1339

In a statement issued on Monday, head of the Egyptian parliament's industrial committee Farag Amer said that the decision of the Board of the General Investment Authority this week to impose greater fees on investors operating in free zone areas represents a negative development for the investment climate in Egypt.

"The decision states that investment projects operating from the free zone areas will be forced to pay more service fees starting 2020," said Amer, adding that "this is a very negative decision which will be a setback for Egypt's investment climate which began to recover in the last few months."

"The investment climate has begun to recover a little, not to mention that the number of investors wishing to invest in Egypt has also begun to increase," said Amer, indicating that "100 decrees were issued between the first of July 2018 and the end of June 2019, and all led to improving the climate of direct investments and free zones in Egypt and settling disputes raised by investors."

"While investors are welcoming these measures, they were taken aback this week by the decision aimed at imposing greater fees on their projects operating from the free zone areas," said Amer, adding that "the decision comes at a very bad time and without careful study."

"The decision aims to impose greater fees without offering any real services in return and for no justifiable reasons," said Amer, adding that "the government should give greater incentives to investors rather than force them to pay greater fees."

Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.