Egypt will keep pushing for Gaza peace, aid: PM    EGX ends week in green on Wednesday, July 23    Kibing Group plans $685m solar glass plant in Egypt's Sokhna – SCZONE chair    Remittances from Egyptians abroad surge 70% YoY in July–May: CBE    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    Egypt's current account gap narrows, but overall BoP records deficit    Egypt hosts international neurosurgery conference to drive medical innovation    Egypt, India discuss expanding industrial, investment partnerships    World Bank proposes Egypt join new global health initiative    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Egypt welcomes 25-nation statement urging end to Gaza war    Egypt, Senegal sign pharma MoU to unify regulatory standards    Famine kills more Gaza children as Israel tightens siege amid global outrage    Kuwait's Crown Prince, Egyptian minister discuss strengthening cooperation    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Egypt's FM seeks deeper economic, security ties on five-nation West Africa tour    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt foils terrorist plot, kills two militants linked to Hasm group    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Finding new ways to promote investment
Published in Daily News Egypt on 19 - 07 - 2006

Egypt hosting the annual regional conference of WAIPA
CAIRO: Egypt, an elected member of the executive committee of the World Association of Investment Promotion Agencies (WAIPA) and the current regional chair of the African group, and re-elected for its second term, was unanimously voted by the members of the executive committee to organize the 2006 regional conference.
The association has held a main annual conference in Geneva since its establishment. Starting last year, the association has begun to hold an additional regional conference each year on a different continent. Egypt filed an official presentation to host the annual regional conference during the executive committee meeting in May 2006. The main competitor for this year's African-held conference was South Africa, which later withdrew its presentation.
The conference is one of the most important events for investment promotion agencies. This year's conference theme is how to build a foundation for investment promotion; its aim is to exchange methods of investment promotion used internationally. The conference will also hold workshops on specific subjects including investors' services, one-stop shop system and advertising for investment.
The conference will be held in Sharm El-Sheikh from November 16-18. "It's estimated around 300 people will attend the conference, says Dr. Ziad Bahaa Al-Din, chairman of the General Authority for Investment and Free Zones.
A number of meetings will be held in conjunction with the main conference, the most important of which is an invitation to establish a gathering for Arab investment promotion agencies. Arab investment agencies exist, but have no umbrella organization to organize their work. The main aim is to build cooperation by exchanging experience and workers' expertise and cooperation to change the image of investment in the region, a common challenge for Arab countries. To avoid bureaucracy, a gathering has been suggested rather than an organization.
"Egypt was a member in the WAIPA since it was established in 1995. Egypt gained from this membership; we learned and still are from others' experiences in workshops that the WAIPA organizes, says Bahaa Al-Din.
The General Authority for Investment and Free Zones has also recently amended some regulations related to investment. Among the new rules were new regulations for companies' voluntary departure from the market.
Where in the past partners had to pay off all debts to individuals and the government before they were able to close down a company, the new regulation simply demands that a report be filed by one of the partners, making an individual responsible for paying off the debts. That person would file a report on all debts and a plan for paying them off.
New regulations also cover expansion in cases when companies have higher demands than they can meet, with a stipulation that acquiring other companies not be used to attain unearned tax advantages.
Lawyers' syndicate fees for investment services were lowered by 50 percent, to make it easier and faster for lawyers to establish companies for their clients.
As a result of the new regulations, it now takes less time, an estimated five days, to change regulations concerning the main systems in companies.
The agency is now studying ways to regulate currently unregulated activity. If the regulation passes, specialized companies would be able to buy debts from creditors at a discount, leaving the debtor with more liquidity to start producing again without having to wait for their debtors to pay in the future. These companies will leave the market in general with more liquidity.


Clic here to read the story from its source.