Egypt will amend laws regulating investments before the country's February economic summit, investment minister Ashraf Salman said on Thursday.

A major economic summit aimed at encouraging international investment in Egypt after years of political and economic turmoil is scheduled to be held on 21 February in the resort town of Sharm El-Sheikh. 

The new legislation "will be in place by late December, early January," Salman told Ahram Online at an event hosted by the British Egyptian Business Association (BEBA).

The minister explained that among the priorities of the legal reform was to empower the General Authority for Investment (GAFI), to become the one-stop-shop for investors in Egypt to simplify the bureaucratic process for them.

"This is our coming fight as the investment ministry...because there are 42 institutions in this country that are issuing licenses and permits," said Salman.

Salman added that "the law that will not permit any investor to deal with any other place expect GAFI, and we are trying afterwards to simplify the process.”

Egypt needs about LE280 billion ($39.1 billion) in private sector investments to reach its target growth of 3.5 to 3.7 percent of GDP by the end of the current fiscal year, to supplement the LE58 billion ($8.1) which its cash-strapped government is willing to invest out of its budget.  

Salman explained that rather than creating a new investment law, the ministry had decided to amend different articles of several existing laws to improve the investment environment overall.

"We are changing major articles in existing laws, we are not drafting a new law," said Salman, adding that existing articles allowing for special treatment of certain investors over others were "unacceptable."

The minister also revealed that he disapproved of the latest tax amendments introduced by the government in recent months.

Earlier this year, Egypt introduced a 10 percent capital gains tax in the stock exchange, a property tax, as well as a temporary 5 percent income tax hike on individuals and businesses earning over LE1 million annually.

The government of President Abdel-Fattah El-Sisi, elected after three years of political turmoil, is striving to rein in the country's budget deficit to 10.5 percent of GDP this year, down from 12.5 to 12.6 percent in the fiscal year ended in June.

"I am fighting the law," the minister said of the reforms, "and I am asking the whole business community to fight with me on that."

"It definitely needs amendment," said Salman of the tax law, warning that the tax hikes and newly-introduced taxes would discourage the informal economy from seeking to become formal and expand tax base. 

Egypt's sprawling informal sector accounts for 30 percent of the economy and employs 40 percent of the labour force, according to former finance minister and world bank economist Ahmed Galal.

Current finance minister Hany Kadry has stated that the government is aiming to widen the tax base as well as boost tax revenues.