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Economic group approves Egypt’s investment law regulations

Economic group approves Egypt’s investment law regulations
The Egyptian Minister of Investment and International Cooperation Sahar Nasr

Cairo - Mubasher: The Egyptian minister of investment and international cooperation, Sahar Nasr, said that the economic group, led by prime minister Sherif Ismail, has recently approved the executive draft for the new investment law.

The draft will be now be referred to the cabinet for final approval, the minister said in a statement on Monday.

Egyptian president Abdel-Fattah El-Sisi ratified on Thursday, 1 June, the new investment law.

The new law includes incentives, such as a 50% tax break on investments made in underdeveloped areas, and a 30% tax break on labor-intensive projects, and small and medium enterprises (SMEs).

The law was drafted with the aim of cutting red tape and attracting foreign investment, and was passed by the parliament last March.

Nasr previously said that there are many investment opportunities in Egypt, noting that the new investment map will provide more than 600 investment opportunities, adding that the New Investment Law aims to ease procedures for investors, set a deadline for termination, and resolve disputes, in order to ensure stability in investment policies and transparency.