Press Releases

Amid economic challenges, recent government initiatives have targeted improving the investment climate, most notable the proposed investment law. On Nov. 10, the legal affairs committee hosted a meeting to address the draft legislation, featuring Mohamed Khodeir, chairman of the General Authority for Investment and Free Zones. Khodeir discussed the necessity of addressing Egypt's monetary and fiscal challenges, its investment policies, and legislative, administrative and regulatory reforms. The supreme council for investments recently released a set of incentives and measures (including fostering precise tax incentives) that are currently being adopted by all the relevant constituencies. These packages are necessary to open new investment frontiers, he said. The new investment law is expected to be passed before the end of the year. GAFI also has a detailed strategic transformation plan that aims to make processes more investor-friendly along with a full automation plan to be completed in 2017. Khodeir asserted that the government now operates on a daily milestone basis to enhance the investment climate while supporting the private sector in taking the lead on these investment projects. He addressed common questions, such as when bureaucratic challenges will be resolved. He said that steps have been adopted at GAFI with advisory support that is aiding them in better serving their clients and better understanding investors' needs. They are shifting GAFI employees' Key Performance Indicators to focus on these issues. Actions are being taken across all levels to improve harmonization among relevant government bodies.