Al-Wafd Party, according to its spokesperson Mohamed Fouad, approved a plan drafted in a meeting between President Abdel Fattah Al-Sisi, Prime Minister Sherif Ismail, and Minister of Investment Dalia Khorshid, which called for the establishment of a Supreme Council for Investment, describing the decision as highly important.
Fouad said that the investment climate is in need of regulation by a higher entity that would oversee the state’s investment policies across all sectors and in all provinces.
Fouad alluded to the need for a comprehensive investment map on both the long and the medium term. Furthermore, he added that investment development would require drawing new standards to monitor the implementation of plans and contracts by the executive apparatus of the state. He pointed out that Egypt lacked such authority following the Sharm El-Sheikh investment summit, which led to a slowness in implementing the contracts signed at the time.
“The formation of a Supreme Council for Investment is a positive move that will contribute, significantly, to the removal of many of the impediments to investment,” Fouad said. He added that the formation of a council should not be the only action taken, as the state requires real legislative review and reform of the investment law and incentives.