Minister of Investment Dalia Khorshid said that the ministry’s legislative reform team started to work on the executive regulations of the new investment law that was approved by the cabinet on Thursday.
Khorshid said that the executive regulations will be prepared in parallel to the discussion of the law in the State Council and parliament in order to save time.
She pointed out that the ministry will be holding dialogue sessions to explain and clarify the benefits of the law and its positive effect on the national economy.
The draft law includes incentives and guarantees to attract more investments, as well as the cancellation of private free economic zones and making new technological areas to substitute them.
Khorshid added that the investment draft law is part of an integrated legislative package needed to improve the investment climate in Egypt. She mentioned that they completed executive regulations of the Moveable Collateral Law and made amendments to the executive regulations of the Capital Market Laws.
Khorshid added that the ministry will provide more draft laws during January, in cooperation with the Ministry of Justice, to improve the legislative environment for investment in Egypt.
According to a statement issued by the presidency, President Abdel Fattah Al-Sisi discussed with the prime minister and the governor of the Central Bank of Egypt (CBE) the current economic situation in light of the preparations for the new investment law. They stressed the importance of encouraging private investment, and creating a positive atmosphere based on overcoming obstacles and bureaucratic procedures that negatively affect the growth of investment.
During their meeting, Al-Sisi emphasised the necessity of government and private sector efforts to create an integrated system for mobilising economic resources and benefiting from them as best as possible.