Six key laws designed to ease business in Egypt are to be introduced, said Finance Ministry adviser Ayman Al-Kaffas during the Invest in Egypt Conference.
According to a statement from MEED, the conference’s organisers, Al-Kaffas added that reforms are being applied to the current industrial and investment laws. These will set up the correct framework for the 40 projects which are expected to be revealed in the economic summit in March 2015, which aims to attract $10-12bn in investments. He added that these laws also ensure that the private sector continues to play a huge role in the continued sustainability of the environment.
Egypt will continue to support further growth and investment returns for citizens and potential partners looking to engage and participate in the Egyptian economy and its resurgence, added Al-Kaffas.
Al-Kaffas noted that Egypt’s preparation for the upcoming economic summit in March included the third milestone of the political roadmap, adopted after the ousting of former president Mohamed Morsi in July 2013. These include legislative reforms, and added that it is expected to be completed and announced in the first quarter of 2015.
“The structural reforms carried out by the Ministry of Finance with the direction of the government, as well as the new taxes that were recently introduced, have all been designed to level the playing field and create a transparent, fair, predictable and internationally competitive investment climate and most importantly to minimise the budget deficit and ensure the financial and economic stability of the country therefore reflecting on the investors to come,” Al-Kaffas said, adding that this is the key to beginning a process of development for Egypt.