A joint committee between Egypt’s Ministries of Investment and Finance held its first meeting on Sunday to discuss speeding up procedures related to boosting the country's investment climate.
In an official statement, Egypt’s Ministry of Investment and International Cooperation said the meeting was chaired by its Minister Sahar Nasr and Finance Minister Mohamed Maaet, along with a number of the joint committee’s members.
The ministry said the meeting was held to discuss regulations with regards to granting special incentives to investors in the country, as outlined by the country’s new investment law, as well as eliminating any obstacles faced by investors with customs and tax authority controls.
Nasr said the goal of the newly established committee was to accelerate the procedures which would serve investment in the country.
Maeet also accentuated the main aim of the committee, pointing out that the committee agreed on an immediate removal of obstacles that would face investors without any pending bureaucratic procedures.
Egyptian officials have said its investment map includes promising opportunities for investors in various areas, through several foreign trips seeking to promote investment in the country after the passing of the investment law.
In June 2017, President Abdel-Fattah El-Sisi ratified a long awaited investment law which Egypt hopes would boost 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.