Investment climate, improved within 6 months

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.