Minister of Investment and International Cooperation, Sahar Nasr, held a meeting on Sunday with a large group of investors to inform herself about their ideas on investments and legislation.
During the meeting, Nasr stressed that the government is working to create an investment that is attractive to both foreign and local investors, highlighting the importance of assisting local investors and solving their problems to attract more foreign investments.
The meeting was attended by representatives of the Federation of Egyptian Industries (FEI), chambers of commerce, Egyptian Exporters Association, and businesspeople including Ahmed Abou Hashima and Mohamed AbulEnein.
Nasr said that she is interested in meeting with small investors to channel more support to small and medium enterprises.
Following the meeting, AbulEnein said that Egypt has huge potential for investment, but is crippled by bureaucracy.
He added that investors are in need of serious improvement and an attractive climate, noting that Nasr promised to work on providing just that.
Moreover, he said that investors asked Nasr to offer more incentives and pass new legislation to improve the business environment.
He pointed out that the government bears a heavy burden, which investors could ease if the path is paved for them to contribute to the state’s development.
Head of the Egyptian Exporter Association Khaled Mekaty said that the meeting focused on the demands of investors regarding the business environment and the legislations governing it.
He added that they also discussed the bylaws of the new investment law.
FEI vice chairperson Tarek Tawfik told Daily News Egypt that the ministry arranged with investors to form a committee to commune with the business community within a short time.
Nasr also distributed a copy of the new investment law—which is now being discussed at the parliament—to the investors who attended the meeting.