GAFI chief: New investment law to be issued by end of October in Egypt

The new investment law will be issued by the end of October, said Chairman of the General Authority for Investment (GAFI) Hassan Fahmy.
The law will not wait for the House of Representatives to be formed, as it is important it is issued as soon as possible, he added in exclusive statements to MENA.
The current investment law was issued in 1997 and does not correspond to the economic changes in the country, he added.
The government will take into consideration in the new law the problems which face the investors in the current law, he added.
Asked about the investment map of Egypt, Fahmy said that the GAFI is currently working on putting a unified investment map in Egypt, adding that it will be announced in February.
Fahmy, meanwhile, said that the time of holding the international conference to support economic development in Egypt has not been set yet.
He further noted that the direct foreign investment in Egypt from July 1, 2013 until March 31, 2014 hit 4.7 billion dollars.
There are about 18 Arab and foreign companies which voiced keenness on increasing investments in Egypt, he added.