The Ministry of Investment has issued the executive regulations of the country’s new Investment Law, Invest-Gate reports.

The new investment law aims to lure back investors, Cabinet Media Advisor Osama Abdel Aziz told a press conference.

The new law includes a raft of incentives, including tax breaks and rebates on projects established in underdeveloped areas and labour-intensive sectors.

According to a statement released by the Ministry of Investment and International Cooperation, all the following activities are governed by the investment law, including the industry sector, trade sector, education sector, agriculture sector, health sector, transportation sector, river and coastal transport, health sector, electricity sector, housing and construction sector, water sector, tourism sector, sports sector, oil, natural wealth sector and the ICT sector.

The draft mentioned the rules and conditions for each of the above-mentioned sectors in order to facilitate the business environment.

The second chapter of the executive regulations of the investment law is the social responsibility for any business, and the commitments for avoiding environmental hazards, and offering job opportunities to the different society segments, as well as developmental projects.

The regulations also show in article 18 the rules required for establishing a ministry-licensed office for issuing credits and the legal documents for establishing a business. The costs of establishing or renewing license of an office is at an average of EGP 10,000 to EGP 20,000.

Overall, the regulations have set the circumstances that govern both the Egyptian and foreign investors, as well as the incentives given to facilitate the business climate.