CAIRO - “Being an optimistic person, I prefer using the term ‘transparency and integrity' rather than ‘fighting corruption,'” this statement came in the speech delivered by Ahmed Darwish, the Minister of State for Administrative Development (MSAD), in the opening of the ceremony held by the Organisation for Economic Co-operation and Development (OECD) for launching its latest report on investment in Egypt. Darwish spoke about the seven ‘vertical' phases representing the life cycle of any investment, highlighting the accomplishments of MSAD in co-ordination with the General Authority for investment (GAFI) which facilitated and simplified many of those phases. For instance, the establishment of companies used to take 55 days back in 2003 and today it takes only few minutes on the internet. Moreover, regulations of taxation and customs have considerably improved as well as the power and water supply networks. However, according to Darwish, much efforts is yet to be exerted on the issues of acquisition of land with the necessary infrastructure, the procedure of licensing, intellectual property rights and skilled labour. The report titled “Competitiveness and Private Sector Development: Business Climate Development Strategy (BCDS), Egypt” recognises the improvement of the business environment in Egypt. It states specific requirements for attracting more investors to the country. Immediate update of business regulations, finance for industrial infrastructure, enforcement of anti-corruption laws and providing better education and training for the next generation of workers; are the main issues that the report tackles in this regard.
