Minister of Investment and International Cooperation Sahar Nasr said in a press statement issued on Monday that approving the Investment Law is an important step towards attracting foreign investments and organising the local ones.
Nasr believes that implementing the law and putting it into action is more important than the parliament’s approval.
The parliament has approved the law on Sunday after long discussions about its articles.
The minister said the parliament has approved the law in its best version after the long talks with the government about added articles, especially about transparency and the investment incentives, which means that the government is serious about attracting new investments and also supporting the private sector, especially in the poorest governorates.
The Central Agency for Public Mobilization and Statistics (CAPMAS) will help the government with the information about the poorest governorates, the statement read.
She added that a new booklet about the current investment opportunities in all fields within the investment plan the government adopted will be published.
Nasr explained that the new law helps to reduce bureaucracy and also provides many electronic services and tools that help the investors to establish their companies online.
She added that establishing companies will happen according to a time table, which will guarantee less wasted time, explaining that checking the request for establishing a new company will take only one working day.
Nasr added that the General Authority for Investment and Free Zones (GAFI) will publish an annual report about the companies that benefited of the incentives listed in the law.
According to the statement, Nasr added that they are seeking to establish a committee for solving investments disputes related to the prime minister.
The first step in implementing the law will include establishing a communication centre for investment, then launching the investment plan, followed by the investment services compound, and then the electronic archieve.