New investment law aims at removing obstacles to direct invetments

Egyptian Minister of Industry and Trade Tareq Kabil said the new investment law aims at removing all obstacles to the flow of direct investments. 

Kabil is here accompanying President Abdel Fattah El Sisi on his three-day visit to Portugal.

Kabil told reporters in the Portuguese capital Lisbon on Tuesday that his ministry and the Investment Ministry made an initial review of the new investment draft law to ensure it does not include any articles that hinder investment flow.

The Egyptian official said his ministry is keen on developing the competitiveness edge of industrial sectors in Egypt's different governorates.

The industry contributes to the gross domestic product with about 18 percent, he said, adding the ministry has adopted a strategy for promoting industrial development, small and medium-sized industries, cars, technical and vocational training and governorance.

Kabil said his ministry has adopted a new program to support exports which calls for increasing the number of exporters including junior exporters and deepening local industry in order to uplift exports and decline imports. 

The volume of imports decreased by about seven billion dollars this year, while the volume of exports increased by one billion dollars, according to Kabil.

He said recent economic decisions on interest rate liberalization will positively affect the volume of exports.

Source: MENA