Minister of Investment and International Cooperation Sahar Nasr said the government is working to prepare the bylaws of the New Investment Law in parallel to the bill’s discussion in the parliament to activate the law as soon as possible.
Prime Minister Sherif Ismail met on Saturday with Nasr to review the ministry’s plan to improve the business-doing environment and the situation of the New Investment Law.
The government approved the draft law in December after several amendments and was then referred to the parliament after the State Council reviewed it.
During the meeting, Nasr said that the cabinet is working to improve Egypt’s ranking in the “Doing Business” reports issued by international institutions, as well as putting together an investment map of all the investment opportunities for Egyptian, Arab, and foreign investors.
For his part, Ismail urged the need to maximise the use of the comparative advantages and investment opportunities available in every governorate and focus on the neediest areas, along with the importance of communicating with investors and providing facilities for them. Additionally, he highlighted the need to activate the role and resolutions of the arbitration committee.
Moreover, Ismail called for increased attention to small and medium enterprises (SMEs) considering their role in providing more jobs for the youth and pushing forward economic growth.
The government is seeking to attract investments in the coming period. The Supreme Council for Investment issued several resolutions last November, including exemptions and facilities to attract investment.