Egypt to develop free trade, investment zones establishes Investment Company worth EGP300m.

At a press conference on last week, Minister of Investment and International
Cooperation Sahar Nasr announced that the cabinet approved the establishment of
an investment company for the development of investment, free trade zones, and
investment services areas, with a capital of EGP300m and it targets to reach
EGP 3bn.

Moreover, Nasr said the decision comes in the framework of efforts to
improve the investment environment, pointing out that the company will work to
develop the infrastructure of the new areas and to meet the needs of the
existing areas, especially in Upper Egypt governorates.

Furthermore, she explained that attention to investment services centres is
important in light of the keenness to activate the Investment Law and
legislative reforms, and to establish investment services centres mechanized in
all governorates, in order to keep pace with global economic developments.
Meanwhile, Nasr stressed that the government is taking positive steps at
many levels to improve the investment environment in Egypt, which is part of
legislative reforms.

In this context, she explained that an integrated
package of legislation has been adopted, pointing out to the latest one which
was the House of Representatives’ approval of the Bankruptcy act which aims at
improving the business environment and facilitating exit from the market. On
the other hand, the investment law provides entry procedures for the market.
Source: Daily News Egypt.