Around 11 amendments are necessary to pave the way for attracting investors during the "Development Partners" February conference, the Egyptian Federation for Investors Associations (EFIA) announced during the "Egypt... Future's path" conference. Speaking on behalf of the association, director of the association Mohamed Farid Khames said that the bureaucratic system, which involves the required approval of several entities, leads to corruption and bribery, adding that it "must be eradicated". "The fluctuations of legislations present a problem to investors," Khamis said. "Laws should be placed and implemented for five years." Khamis said that respecting contracts and agreements are among the main needs as well. "Price of land in Egypt is higher than its equivalent in China, the United States of America and Turkey," said Khamis. The prices of a metre of land in Turkey, including the supply of utilities, vary between $4 and $17, Khamis said, adding that prices in the US vary between $3 and $10. "In Egypt, however, the price of land varies between EGP 600 to EGP 1,000," he said. The EFIA report also discussed the need for establishing free zones after the "failed experience in Port Said". Free zones should be established in Sinai, Al-Alamein, Marsa Matrouh and in the Suez Canal development project, Khamis said. According to the EFIA report, the six main environmental factors required to attract investors include: political stability, which it stated would lead to social and economic stability; the volume of the market; availability of investments; the cost of establishment and operation; ease of doing business; and investment incentives.
