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Nasr discusses suggestions on Investment Law with stakeholders - Daily News Egypt

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Nasr discusses suggestions on Investment Law with stakeholders

Private Free Zone’s investments amounted to $11.5bn, says Rashid

Minister of Investment and International Cooperation Sahar Nasr met with a number of private free zone companies at the ministry’s headquarters, in the presence of Mona Zawbaa’, the newly appointed head of the General Authority for Investment (GAFI).

During the meeting, the minister discussed the obstacles facing the business of private free zone companies and all information that emphasises the importance of these areas and their role in investment to support the Egyptian economy. Furthermore, the meeting discussed the free zone companies’ social responsibility and their suggestions related to the executive regulations of the Investment Law.

Nasr confirmed that the New Investment Law kept private free zones within the framework of their importance, explaining that the most important thing of the Investment Law and its executive regulation is to activate it.

The minister noted that the committee formed to prepare the executive regulation of the Investment Law will take into account the preparation of the executive regulations of the law to facilitate the work of private free zone companies.

For her part, Zawbaa’ said that GAFI will work during the coming period to implement the suggestions submitted by the companies.

The chairperson of the Free Zones Sector at GAFI, Ahmed Afifi, pointed out that the Free Zones Sector is a top priority to communicate with the private free zone companies in order to solve any problems related to their business.

Mu’tasim Rashed, chairperson of the Free Zone Investors Association, praised maintaining the free zones in the New Investment Law, which represents 212 projects and a capital of $5.5bn. The investments reached $11.5bn. Free zone companies export abroad about $4bn and provide 83,000 direct jobs.

In this regard, on Wednesday, the minister held the first meeting of the committee that prepares the Executive Law. The meeting was chaired by the representatives of eight ministries.

The committee includes the executive chairperson of GAFI, the head of the Legislative Affairs Department at the cabinet, four representatives of different sectors of GAFI, and representatives of the ministries of investment, justice, housing, finance, tourism, agriculture, and industry and trade.

Nasr stressed the importance of completing the proposal of executive regulations of the Investment Law in a quick manner, in preparation for submission to the cabinet, taking into account all proposals submitted by various ministries and agencies in order to facilitate all procedures for investors.

The meeting discussed the suggestions of the ministries submitted according to the specialisation of each ministry to be reconsidered in the preparation of the executive regulations. The committee agreed to hold two meetings during the coming week to complete the proposal of the executive regulation.

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