CAIRO – 5 February 2018: Chairman of Orascom Telecom Naguib Sawiris, said that Egypt has the best economic revenues among countries, a video showed.
Sawiris added that this is the best time to invest in the Egyptian economy , referring to the investment law contributing to the elimination of bureaucracy and encouraging Egyptians to increase their investments.
In 2017, Egypt’s Parliament passed a long-delayed investment law to streamline business in Egypt and create incentives, which Egypt hopes will bring back investors’ dollars after years of turmoil.
The new investment law includes a 50 percent tax discount on investments made in underdeveloped areas and government support for connecting utilities to new projects.
This law stipulates returning to investors half of what they pay to acquire land for industrial projects if production begins within two years. It also turned free zones back to the private sector.
Chairman of Orascom noted that the success of the Egyptian investor will attract foreign investments to Egypt.
“There has been great development in Egypt, the establishment of new roads and power stations that are sufficient for more than 10 years,” Sawiris added.
Sawiris stated that gas discoveries in the Mediterranean Sea are sufficient for domestic production and turn Egypt into a gas-exporting country.
President Abdel Fatah al-Sisi inaugurated the giant Zohr gas field on Wednesday. It is one of the largest offshore gas fields discovered in the Mediterranean.
This video comes under a campaign produced by Ministry of Investments and International Cooperation to invest in Egypt.