Egyptian Cabinet has approved the new Investment Law, according to Investment Minister Dalia Khorshid, reported Egypt’s National TV EgyNEws.
The final draft of the new Investment Law includes new legislation forms and protects investors from bureaucratic procedures; amendments on the law also included investors’ right to transfer revenues to their mother companies abroad without any restrictions; and also that all projects to be treated equally by the government except in case of court ruling.
The new law obliges all administrative offices to finalize regulations and permits within a maximum period of 30 days. Investors, who seek to develop projects locally, are given lands for free and half the price on energy products. Furthermore, exporting companies are exempted from custom taxes and a 50% discount on other taxes for the coming 10 years, Ahram has previously stated.