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Friday, 23 June 2017

Egypt's investment law executive regulations to be finalised in 10 days: Minister Nasr

Reuters , Ahram Online , Saturday 17 Jun 2017
Sahar Nasr
Minister of investment and international cooperation Sahar Nasr (Photo: Reuters)
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Egypt will finalise the executive regulations of a newly issued investment law within seven to 10 days, Investment Minister Sahar Nasr told Reuters on Saturday.

The press statements by the minister comes few days after a third meeting by the investment law's executive regulations drafting committee, which included several representatives of several ministries.

Last Thursday, the committee received suggestions and proposals made by the representatives.

According to a statement by the ministry of international cooperation, the representatives raised proposals around " the major issues addressed in drafting the Executive Regulations, most notably the rules and regulations for granting special incentives to investors, investment activities, preparation of the investment map, provision of electronic services, automation, rules regulating the preparation of the investment guide, conditions and procedures for obtaining single permits, legal form of the accreditation offices, corporate governance, activation of e-services system, and the terms and conditions for obtaining a license for an activity or craft in the Public Free Zone."

A fourth meeting of the drafting committee would be held on Sunday to finalise details.

On 1 June, President El-Sisi ratified the long-delayed investment law aimed at making business easier and creating incentives to lure investors.

The new law is expected to boost badly needed investment by cutting bureaucracy, especially for starting projects, and providing more incentives to investors looking to put money into Egypt.

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