Egypt seeks to improve business environment to restore its position on international investment map: Investment minister

Mohamed Ayyad
2 Min Read
The government hopes to offer two tenders to generate 8GW of electricity from new and renewable energies, said Minister of Investment Ashraf Salman on Tuesday. (Photo by Hossam Fadl)

Egypt seeks to improve the business environment by facilitating all procedures and overcoming obstacles faced by Egyptian, Arab, and foreign investors in order to restore Egypt’s position on the international investment map, according to Minister of Investment Ashraf Salman.

“Our goal is to attract more investment to add to the gross domestic production (GDP) and provide new job opportunities,” Salman said.

The Ministry of Investment continues to activate the one-stop shop to finish companies’ establishment and issuing land permits. The conflict resolution committee will be established to make obligatory decisions to end 156 investment disputes that took place from August 2015 until January 2016.

The majority of the investment indicators recently improved, where the number of enterprise companies launched was roughly 1,000 companies per month compared to 470 companies early 2015, Salman said.

The ministry is working on the public business sector restructuring plan, which improved the business outcomes with GDP worth EGP1.9bn in 2015 and was EGP 2.1bn by the end of January 2016, compared to $580m in 2014.

The ministry began to apply an integrated strategy to develop and restructure the textile sector technically, financially, administratively, and in marketing. The ministry signed a contract with one of the international largest companies operating in companies specialised in consulting, analytical, and technical studies, according to Salman.

In addition to preparing for feasibility studies and investment development plans for 25 companies operating in textile, clothing, and ginning cotton fields, the ministry is also identifying strengths and weaknesses, domestic, and foreign markets, taking the concerned procedures to reform the environment of textile industry. Those companies will then cover their expenses and access the break-point then profit.

The Minister of Investment has begun a series of meetings with the MPs to listen to their points of view about the ministry’s policy according to what has been agreed with the parliament January 2016.

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