Newly formed Supreme Council for Investment to enhance Egypt’s attractiveness for FDI
Egyptian President Abdel Fattah Al-Sisi issued on Thursday decree No. 141/2023 to form the Supreme Council for Investment.
The Council shall be formed and headed by the President of the republic, with the membership of Prime Minister, Governor of Central Bank, and Ministers of Defence and Military Production, Justice, Planning and Economic Development, International Cooperation, Finance, Interior, Communications and Information Technology, Local Development, Public Enterprises Sector, and Trade and Industry. Other members include the Head of General Intelligence, Chairperson of Administrative Control Authority, Chairperson of Egyptian Exchange, Chairperson of the Suez Canal Economic Zone, CEO of General Authority for Investment and Free Zones, CEO of the Sovereign Fund of Egypt, Chairperson of Federation of Egyptian Industries, and Chairperson of Egyptian Federation for Investors Associations and Institutions.
The council aims to create a better investment climate and to provide guidance and support to achieve that. It will also create the general framework for legislative and administrative reforms in the investment environment, approve policies and investment plans that determine the priority investment projects in line with the country’s public policy, economic and social development plans and applicable investment systems.
Minister of Finance Mohamed Maait said that the Egyptian government is mobilising all its energies to create a more stimulating environment for production and export, to make optimal use of its strong infrastructure and promising economic sectors with preferential benefits, added that these stimulating measures and initiatives, including the formation of a Supreme Council for Investment to attract more investments.
For his part, Head of the Building Materials Division at the Federation of Industries Ahmed Abdel Hamid said that the Supreme Council for Investment is an important step and at an appropriate time to start reforming the economic sector, especially in industry and agriculture, the development wings of any advanced economy in the world.
Abdel Hamid added, “Monetary and exchange rate policies alone are not sufficient and are not beneficial, and therefore an urgent economic policy package that is completely far from the prescription of the International Monetary Fund is necessary. Besides, industries must be provided by all they need of gas and petroleum materials at competitive prices, while removing all obstacles facing industry, as industrial and agricultural sectors are the most important source of hard currency.”