Direct foreign investments up 26% this year

Investment and International Cooperation Minister Sahar Nasr stressed on Thursday that direct foreign investments in Egypt rose by 26% this year compared with last year to stand at 8.7 billion dollars.

Speaking on the sidelines of the weekly cabinet meeting, Nasr said coordination between Egyptian ministries and the private sector and investors was among the main reasons that caused the increase in direct foreign investments.

She noted that all remarks paid by the private sector and investors were reconsidered while preparing the final draft of the executive regulations of the investment law that was approved by the cabinet today.

She said the executive regulations of the investment law focus on labor-intensive projects and small and medium-sized enterprises as they help increase productivity.

The new investment law will also give a bigger role to the higher investment council and will highlight the role of the investment ministry in carrying out the State's investment map.

As part of efforts to improve services offered to investors, the minister noted that the investor services center abroad is under development to meet the needs of many Egyptian expats seeking to invest their money at home.

Earlier in the day, the cabinet under Sherif Ismail approved the final draft of the executive regulations of the investment law that sets a legislative framework to lure more investments and provide necessary funds for investment projects.

Source : Mena