US Companies Express Interest in Injecting New Investments and Commend Egypt’s Business Environment
Source: www.export-egypt.com 7/22/2018
At the conclusion of her visit to the U.S. capital “Washington”, the Minister of Investment and International Cooperation Dr. Sahar Nasr met with several U.S. major companies, in presence of Egypt’s Ambassador to Washington Mr. Yasser Reda and CEO of the American Chamber of Commerce Mr. Hisham Fahmy as well as heads and directors of Ageco, Apex International Energy, Procter & Gamble, Pfizer, Boeing, ExxonMobil, Coach, Lockheed Martin, MetLife, Glover Park and Watts Constructors.
The Minister gave an overview of the recently achieved economic and legislative reforms in implementation of the President’s directives. She stated that Egyptian government worked on encouraging the private sector’s investments as a driver of economic growth, job creation and elimination of poverty.
Therefore, Egypt implemented major economic and investment reforms. The Minister also reviewed legislative and regulatory achievements, topped by the new Investment Law and its Executive Regulations; a law regulating debt restructuring, preventive composition and bankruptcy; the Financial Leasing and Factoring Law; and amendments to the Companies Law, the Capital Market Law and their executive regulations. Dr. Nasr also pointed out that the new Investment Law included several incentives and guarantees for investors.
In addition, the Minister added that the new government headed by Prime Minister Dr. Mustafa Madbouly believed in the private sector’s role in the development and was willing to carry out all reform that would facilitate the private sector’s work in Egypt and enhance its role and engagement in the implementation of mega national projects. Such projects are topped by the Suez Canal Development Project that aims to obtain optimum benefit from the huge potentials of such promising area being a bridge between the West and the East, besides establishing a number of new cities, including the new Administrative Capital and the New Alamein.
This is in addition to creating a legislative environment attractive for the private sector and developing the infrastructure such as roads, electricity, water, and energy.
MIIC launched Egypt’s investment map, including investment opportunities in various areas nationwide, developed in coordination with the rest ministries, mentioned Dr. Nasr, calling on US companies to acquaint themselves with Egypt’s distinguished investment opportunities and benefit from incentives of the Investment Law.
Moreover, MIIC’s official website was established and updated to communicate with businessmen and investors and to easily identify all procedures, developments, and legislations, clarified Dr. Nasr, noting that the investment map was also published in the website to become familiarized with all opportunities, advantages and investment zones.
The Minister commended several US companies’ expansion of their activities in Egypt and injection of new investments. During the meeting, US companies expressed their keenness on injecting new investments in the Egyptian market during the upcoming period, commending Egypt’s steps to improve the business environment during the previous period.
The American Chamber of Commerce emphasized that an investment delegation, including major US companies, would visit Egypt in October 2018 to identify promising investment opportunities in various fields. At the end of the meeting, coordination was agreed upon to achieve the optimum benefit from the delegation’s expected visit.