Investment climate, improved within 6 months
Egypt, Economics, 1/13/2000

The Ministerial Group for Supporting Investment decided at its meeting
earlier this week under Prime Minister Atef Ebeid to add new activities to
the rules of procedures of the investment incentives bill with the aim
of attracting domestic and foreign investments.

Prime Minister Atef Ebeid said the Tuesday meeting is the first of its
kind in a series of meetings which would be held by the Ministerial
Group for Supporting Investment, adding that these meetings would be
held once a month with the aim of promoting the investment climate in
Egypt within six months.

The monthly meetings of the Group would settle disputes between
investors and official bodies and discuss the problems facing investors.

He pointed out that the upcoming meetings would be designed for
eliminating problems facing investors and facilitating issuance of all
licenses and operation permits immediately without delay.

Ebeid added improvement of investment climate aims at placing Egypt
on the international investment map as a preliminary step for
reactivating the Egyptian economy's capability to attract both local and
foreign investors and widen the scope of investment activities in the
country.

Minister of Economy and Foreign Trade Youssef Boutros Ghali said
activities added include investment in the fields of computer, gas
transportation and settlement companies which are assigned with
discounting and collecting dues from industrial and commercial companies
in return for minor fees.

He added that it has also been decided to introduce some amendments
to investment incentives and guarantees law to help expand and promote
existing ventures.

The Minister of Economy said his Ministry and the Investment
Authority have been assigned with drafting the necessary amendments in
this respect.

The Group also decided to exempt real estates, which are assigned for
non-administrative housing, from taxes in order to expand investments in
the field of housing.

Previous Stories:
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  World Bank expects high economic growth in Egypt   (1/11/2000)
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