Key economic legislations: cornerstone of Egypt's reform drive
Experts unanimously agreed that the success of Egypt's economic reform drive mainly capitalizes on ensuring a strong legislative base which is considered a main cornerstone in terms of providing the needed impetus of Egypt's macroeconomic policy.
Based on the same premise, great strides have so far been made by Egypt in this concern, manifested in a host of key legislative amendments and bills which have positively affected Egypt's business, trade and investment sectors.
These include the draft law of the special economic zones recently approved by the Shura Council, which is mainly designed to attract local and foreign investments.
The draft law comprises 61 articles on privileges and customs exemptions as well as guarantees for investors.
Moreover, a new type of economic zone differing from the free trade and industrial zones will be established under the new draft law.
Products of the new economic zones will be totally exempted from dues imposed during manufacturing and marketing operations.
On the same note, the People's Assembly's legislative Committee last week passed a draft law on money laundering, out of the government's rising concern of the danger of this phenomenon and its detrimental effect on Egypt's economy.
An item under the law provides for setting up a unit by the Central Bank of Egypt (CBE) to monitor reports from the financial institutions on the suspected money laundering deals.
Furthermore, amendments to the customs laws will also be adopted in compliance with Egypt's commitments to facilitate customs procedures and eradicate red-tape measures.
Within this context, modifications of the unified taxation bill will also be revised by the Ministry of Justice with the aim of easing burdens off citizens, developing tax administration and expanding the base of the taxation community.
Moreover, the real estate mortgage law is a stimulus to the real estate sector in terms of kick-starting the market by offering subsidized loans to establish law and medium cost housing units.
Under the law, the loans will also be available for purchasing administrative and commercial units as well as for the construction and renovation of the existing properties.
In a relevant note, a draft law on intellectual property rights, the unified labor law, the banking and credit law and the unified communications law are to be promulgated and enacted in the forthcoming phase.
To experts, promulgating a host of key economic legislations gives a further boost to Egypt's economic reform drive with the main objective of realizing sustainable development and growth.