Supreme Investment Council ratifies several decisions in 1st meeting
Updated 5/17/2023 12:31:00 PM
Arab Finance: The Supreme Investment Council has endorsed a number of decisions during the first meeting, chaired by President Abdel Fattah El-Sisi, according to a statement by the Presidency Spokesman on May 16th.
The council has agreed upon a draft law allowing the registration of foreign investors in the importers register for 10 years, even if they are not holding the Egyptian citizenship, with the aim of facilitating import procedures for them.
It has also approved a draft law on benefiting from the International Finance Corporation (IFC) via partnering with an international consultant to set a participatory and strategic vision for investments in Egypt and upgrade the country’s rank on the Business Facilitation Index to achieve the national target of raising the investments rate to a range between 25% and 30%.
Furthermore, the decisions include launching a permanent unit at the Cabinet, to be chaired by the General Authority for Investment and Free Zones’ (GAFI) CEO, to set the policies, laws, and regulations required for the growth of local start-ups.
The unit will also be in charge of receiving complaints from the start-ups, along with proposing suitable solutions in coordination with the related authorities.
The council has also agreed on a package of incentives to support several sectors and projects, including the sectors of agriculture, industry, green hydrogen production, housing, transport, and price standardization.
Related News
