Egypt aims to attract $4 billion net foreign direct investment (FDI) by the end of the fiscal year 2013/14, state news agency MENA reported on Tuesday, citing Osama Saleh, the minister of investment.
Total FDI reached $9.2 billion in the last three years. The fiscal year 2010/11 saw $2.2 billion in FDI, and increased to $4 billion in 2011/12. It reached around $3 billion in fiscal year 2012/13, Saleh said.
Saleh pointed out that last year Egypt witnessed a record of establishing more than 8,000 new companies, which he expects to double after achieving political stability.
Economic laws are being revised by the ministry including investment regulations to facilitate reconciliation with investors. He stressed the government’s concern for enforcing contracts and its decisions to add new clauses for settlement in cases that went to international arbitration.
A settlement was reached with two large companies – to be announced within a few days – as the reconciliation law allows Egypt to reduce fines decided in international arbitration, Saleh said.
In February 2013, Egypt's cabinet approved an amendment of a law on investor guarantees and incentives. It added a clause stipulating possible reconciliation in case a final verdict is issued in absentia.