Free Egyptians Party head hails supreme investment council decisions

Chairman of the Free Egyptians Party Esam Khalil lauded the decisions taken by the Supreme Investment Council as an "economic revolution."

Khalil said the decisions would give momentum to agricultural and industrial sectors in Egypt, while bringing Upper Egypt - which was marginalized for long years - to the limelight.

Khalil referred to the council's decision on tendering land with utilities for industry in Upper Egypt for free.

He said this reflects the state's keenness on boosting industry.

Under the decisions, producers of agricultural crops that Egypt imports or exports will get tax exemptions, Khalil noted.

Khalil said President Abdel Fattah el Sisi has drawn on economic development experiments of world countries to forge a new Egyptian development plan based on encouraging the private sector and pushing forward the wheel of development.

The president has also sought to give a fillip to small and medium-sized enterprises and promoting investment opportunities.

In October, Sisi issued a decree establishing a Supreme Investment Council aimed at encouraging much-needed investment in Egypt.

The council is chaired by Sisi and its decisions are binding on all ministries and public bodies.

The council's decisions included five-year tax exemptions for manufacturers of “strategic” goods that Egypt imports or exports and five-year tax exemptions for agriculture and industrial investments in Upper Egypt.

The council also decided that the capital gains tax on stock market transactions will not come into effect for another three years.