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Egypt introduces 14 new laws to stimulate the investment sector

Egypt's government, led by Prime Minister Mostafa Madbouly, introduces 14 legislations aiming to enhance the country's investment climate.
04.10.23 | Source: EgyptToday

To stimulate its investment sector, Egypt has introduced 14 new laws, informed Prime Minister Mostafa Madbouly during the Hekayet Watan conference. Measures undertaken by the government include establishing a Ministerial Committee for Resolving Investment Disputes, constructing investment service centers, and building a map outlining investment opportunities. A unit has also been set up to address investor grievances, successively managing to resolve 2100 of 2650 cases presented. To expedite the initiation of investor projects, a 20-day limit has been set for kick-starting any activities. In line with efforts to digitalize and streamline processes, tax return procedures are being automated and remote litigation services introduced. The electronic litigation service will facilitate the submission of judicial requests electronically by concerned parties and their representatives. In a bid to reduce personal contact, an electronic platform for establishing, running, and liquidating projects is set to be introduced. Furthermore, 24 companies have been granted the Golden License for investments, with 15 already initiating the construction and operation of their projects. To counter the scarcity of industrial land, the Development Authority will issue approvals single-handedly, in partnership with the private sector willing to acquire land for investment projects.