Nasr: Investment law's statute aims at luring businessmen

The statute of the Investment Law mainly aims to lure foreign businessmen to pump investments into the Egyptian market, Minister of Investment and International Cooperation Sahar Nasr said on Thursday.

The 132-article five-chapter statute includes various incentives and additional guarantees that will contribute to attracting investors into the Egyptian market, she said.

Nasr thanked the Egyptian prime minister, as well as the Parliament and ministers concerned for their efforts to issue the statute.

Under the statute, part of investors' profits will be channeled into launching development projects in the fields of renewable energy, healthcare and sporting.

The law also stipulates that foreign employees should not exceed 20 percent of the total number of workers in the projects established by non-Egyptian investors.

Also, competent administrative authorities will be allowed to revoke, suspend or even withdraw licenses issued for the investment project only after giving the investor a period of not more than 60 days to remove the violation.

The statute also provides incentives for investors willing to invest in the Suez Canal economic zone and the Golden Triangle area, she noted. 

Investors willing to establish private free zones should have an issued capital of at least 10 million dollars, given that investment costs should not be less than 20 million dollars.

Source: MENA