The cabinet approved the final draft of the new investment law during its weekly meeting on Thursday, according to Minister of Investment Dalia Khorshid.
It will send the law to the State Council for adjustments in legal drafting, before it is submitted to parliament for the final approval.
Khorshid said during a press conference held at the cabinet’s office that issuing the executive regulations of the law will occur as soon as possible in order for it to be activated. She noted that the cabinet agreed to the cancellation of private free zones and to expand technological investment areas.
According to Khorshid, the new law is not an overarching remedy for all investment problems in Egypt, but it is part of the plan to develop the country’s business environment.
Khorshid believes that the new law is part of the legislative framework that reorganises economic activity on all levels and facilitates the work of investors.
She noted that all concerned authorities are working on attracting investments in the coming period, and emphasised that all suggested amendments and notes by ministers, regarding formulations and definitions of activities, were taken into consideration.