Egypt’s investment map includes promising opportunities for investors in various areas, Minister of Investment and International Cooperation Sahar Nasr told US companies representatives in the United States on Friday.
In an official statement, the ministry of investment and international cooperation said Nasr met with several major US companies desiring to invest in Egypt at the United States Chamber of Commerce (USCC) during her participation at the World Bank’s Spring Meetings in Washington DC.
Nasr gave the US representatives an overview of the reforms achieved, highlighting the Egyptian government’s efforts to encourage investments by the private sector to drive economic growth, job creation, and elimination of poverty, by implementing economic reforms and huge investments.
Egypt has introduced a number of fiscal reforms since 2014, including fuel subsidy cuts, as well as imposing a new value added tax (VAT) to ease a growing budget deficit, and a decision in 2016 to float the currency.
The country has since secured a $12 billion loan programme from the IMF.
Nasr pointed to the passing of the new investment law and its executive regulations, as well as the bankruptcy law, and amendments to the companies and the capital market laws and their executive regulations.
She also spoke about implementation of national mega-projects, topped by the Suez Canal Development Project, and the establishment of several new cities, among of which are the New Administrative Capital and New Alamein, “besides fostering a legislative environment attractive for the private sector which has been conducted through the investment law and its complementary laws”, the statement added.
According to the statement, Nasr called on the US companies to identify Egypt's distinguished investment opportunities and benefit from the investment law's incentives.
In June 2017, President Abdel-Fattah El-Sisi ratified a long awaited investment law which Egypt hopes would boost a much-needed investment by cutting down on bureaucratic requirements, especially for new projects.
The new investment law includes a raft of new incentives, such as a 50 percent tax break on investments made in underdeveloped areas and government support for the cost of connecting utilities to new projects.
It also includes subsidised utilities, the allocation of lands free of charge for strategic activities, and other incentives.
Nasr praised several US companies for the expansion of their activities in Egypt and the injection of new investments such as Mars Companies, General Electric, Honeywell and Kellogg's.
From their side, US companies expressed their keenness on injecting new investments into the Egyptian market during the upcoming period, while commending the steps taken by Egypt to improve the business environment during the previous period, according to the statement.
Nasr is in Washington to attend the spring meetings held from 20 to 22 April by the board of governors of the World Bank Group and the IMF.