Egypt achieves record primary budget surplus of EGP 629bn despite sharp fall in Suez Canal revenues    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Resumption of production at El Nasr marks strategic step towards localising automotive industry: El-Shimy    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    United Bank achieves EGP 1.51bn net profit in H1 2025, up 26.9% year-on-year    After Putin summit, Trump says peace deal is best way to end Ukraine war    Jordan condemns Israeli PM remarks on 'Greater Israel'    Egypt's Supreme Energy Council reviews power supply plans for 14 industrial projects    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egyptian pound closes high vs. USD on Tuesday – CBE    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    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    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    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.



State Council sends investment draft law back to cabinet with notes
The investment window does not have the authority to approve investors' requests, complete any deals, or issue licences
Published in Daily News Egypt on 04 - 02 - 2017

The legislation department in the State Council has sent the new investment draft law back to the cabinet for reconsideration, after the department reviewed it and made 23 notes relating to some of the provisions on the bill.
Article 41 of the bill stipulates that representatives of the administrative departments, who are members of the investment window, are only responsible for receiving investors' requests and submitting them to the associated authorities without approving the requests, concluding the deals, or granting the necessary licences. According to the State Council, this item contradicts with Article 51 of the current Investment Guarantees and Incentives law, as well as the philosophy of the bill itself which was stipulated in Article 3.
The new bill's Article 3, titled investment principles, stressed the importance of facilitating and speeding up investors' dealings to achieve their legitimate interests.
Article 51 of the current law No. 17 of 2015, states that the General Authority for Investment and Free Zones (GAFI) is the only responsible party for offering up available land for investment and promoting it through its investment window, which includes representatives of the landowners in the process. Lands are to be allocated in accordance with the rules of the concerned parties.
The State Council added that articles 53 to 67 did not determine the entitled authority to conclude the final contract for real estate investment.
The legislation department of the State Council is required to consult seven government and judiciary agencies including the Ministry of Finance, the Central Bank of Egypt (CBE), the Egyptian Competition Authority, GAFI, the Egyptian Financial Supervisory Authority (EFSA), the special council for administrative affairs in the State Council, and the Supreme Judicial Council.
Minister of Investment Dalia Khorshid welcomed the notes made by the State Council on the investment draft law, arguing that these comments will enrich the bill, before submitting it to parliament for approval.
Khorshid praised the cooperation of all state agencies to issue the law in the best legal form, adding that she is fully aware that the application of the law is more important than the legislation phase.
She commended on the State Council's philosophy which aims to facilitate investment procedures, adding that the new law serves the state's plan to achieve the desired development while preserving the state's rights.
The minister said that the State Council is entitled to make legal amendments and adjustments of the bill, and that the cabinet will consider them before presenting the final version of the bill to parliament.
Khorshid added that the bill was written based on a careful study of the best comparative investment regimes to reach a suitable formula that contributes to achieving a leap in the Egyptian legislation of investment, stressing that the ministry is looking forward to discuss the law with parliament as soon as possible.


Clic here to read the story from its source.