Sahar Nasr, the Minister of Investment and International Cooperation, has announced her plan to complete the executive regulations of the investment law and present it to the Cabinet a month from now. “We do not want to delay these regulations due to their importance in attracting foreign investment which we give priority to at this point,” Nasr said.
She added that the Ministry of Investment is working to prepare a draft in consultation with concerned ministries and authorities. Afterwards, the ministry will draft the executive regulations and present them to the Cabinet and state council to review them and complete their legal drafting before presenting them to the parliament.
According to Nasr, the presence of a committee with specialised ministries will speed up the process to prepare the investment law’s executive regulations. Each ministry will only draft the part that concerns it. “This will prevent differences, objections or amendments,” Nasr said.
Last week, after the president approved the investment law and based on his instructions, Nasr issued a decision to form a committee of ministries to complete drafting the executive regulations of the law.
She explained that according to the law, the regulation must be completed in a maximum of 90 days, stressing the work is done and they expect to finish it within a month. “Investors need a legal framework and incentives to encouragement to for them to inject investment in Egypt and we are working to do this,” Nasr noted.
“There are several aspect that interest investors and encourages them to invest, and we are making effort to create a suitable investment climate,” she added.
One of the aspects, according to Nasr, is formulating an integrated investment climate that not only refers to the investment locations but also all the investors need to learn, including infrastructure, transport services such as ports and airports, housing for workers and complementary and food industries. “This way we will not only be addressing existing investors, but also offering new ideas to new investors,” Nasr added.