Dr. Nasr: “We are working on finalizing the legislative framework to enhance the investment climate during the upcoming period… disputes settled are estimated to be worth over EGP 13 billion”.
GAFI’s Vice CEO “ISC has provided 4,300 services…. and the capital of new companies are worth a total of EGP 2 billion.”
The Minister of Investment and International Cooperation Dr. Sahar Nasr mentioned that the Ministerial Committee for the Settlement of Investment Disputes resolved 39 disputes this month, noting that the total number of disputes submitted to the Committee to date amounted to 374 since February 2017 with an estimated value of over EGP 13 billion.
Dr. Nasr pointed out that she met with heads of public free zones during the past few days to accelerate the implementation of the development and expansion plan as well as the establishment of free zones in each governorate, besides eliminating all obstacles facing investors’ businesses in the free zones.
The Minister noted that MIIC was working on finalizing the legislative framework during the upcoming period to enhance the investment climate. Within this context, the amendment of the Executive Regulations of the Companies Law would be issued upon review by the State Council. Other laws complementary to the new Investment Law shall also be addressed.
On his part, GAFI’s CEO Mr. Mohamed Abdelwahab mentioned that the Investors Services Centre (ISC) provided 4344 legal services, out of which 1614 were rendered regarding general assemblies, board of directors and joint ventures, 1292 for extraordinary general meetings and amendment contracts, and 1438 for the publication of contracts in the Investors Bulletin, besides the registration of 701 companies and establishments, noting that the total capital of established companies amounted to EGP 2.03 billion, while their paid in capital amounted to EGP 295.7 million.
Mr. Abdelwahab noted that technical services and tax exemptions included the issuance of import and export certificates, ratification of import and export invoices, the issuance of recommendations concerning the application of the unified customs category or the exemption of contracts of lands, loans and mortgages for around 799 services, reviewing committee reports concerning the commencement of activities and the execution status of around 25 cases, besides the issuance of decisions for the formation of 40 committees.
Regarding governmental services, Abdelwahab mentioned that recommendations were issued for granting foreigners residence permits and renewing work permits, in addition to relevant services for around 728 cases, besides the registration of representative offices and branches for foreign companies. In addition, 122,000 services were provided to facilities affiliated to the main ISC and its branches in different governorates.