The Economic Affairs Committee of the Egyptian House of Representatives approved the amendments submitted by the government to Investment Law No. 72 of 2017 in the presence of Sahar Nasr, the Minister of Investment and International Cooperation, Mohsen Adel, the Executive Chairman of the General Authority for Investment and Free Zones and Mohammad Abdulwahab, the Executive Vice President of the Authority.
In this regard, the Minister of Investment and International Cooperation pointed out that "the amendments come within the framework of the development of some provisions of the investment law to take into account the economic changes and the continuation of legislative reforms to provide favorable conditions for investment promotion, as well as keeping abreast of the international economic legislation aimed at improving the internal investment environment and attract domestic and foreign investments".
Mrs. Nasr considered that "the amendments encourage the companies to expand in their investment projects and to open new production lines and benefit from the special incentives and additional provisions stipulated in the investment law, which will contribute to increase the investments in general during the coming period, as per her excellency”.
She said: "the amendment of the investment law aims at completing the transactions of investors and facilitating their work, away from the obstacles that they were exposed to in the past, as a result of not setting a limit on the fees of documenting the contracts in the Real Estate Registration Mission, which made some companies bear great burdens and hampers their ability to modify their systems, up to often prevented from increasing the capital, especially the large capital companies, or companies that have to make frequent adjustments to its statute”.
Source: Al-Arabi Al-Jadeed newspaper, Edited
