Parliament may pass new investment law within 10 days, MPs say
Parliament is expected to approve the new investment law between one week and 10 days, Amwal Al Ghad reported, citing Head of the Economic Committee, Aly El-Gohary, while Al Mal quoted the committee’s Chairman, Amr Ghallab, as saying that it would be approved before mid-April. The new law will focus on the diversification of incentives and guarantees for investors, with an aim to strengthen investor confidence, eliminate bureaucracy, ease procedures to obtain licences for projects and attract foreign investment. The act is considering the return of private free zones, Ghallab said, adding that the committee would study the issue despite the Finance Ministry’s repeated objections to the zones. Meanwhile, the committee has finished reviewing 100 of the law’s 114 articles, and Ghallab said he expects it to finish the remaining articles by March-end. The government first approved an investment law in March 2015 and later amended it in December.
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