Ministerial committee resolves LE 13b worth investment disputes

CAIRO - 26 January 2018: The Ministerial Committee for the Resolution of Investment Disputes has settled a number of investment-related disputes worth LE 13 billion ($735 million) over the last year, according to Minister of Investment and International Cooperation Sahar Nasr.

Since February 2017, the committee, which is chaired by the minister of justice, has received and tallied 374 issues, 39 of which were during January 2018.

During the past few days, Nasr had held meetings with heads of the public free zones, encouraging them to further expedite the implementation of the development plan to expand such areas in Egypt.

The ministry will work during the next phase to complete the legislative framework to improve the investment environment and remove the obstacles facing the investors, Nasr added.

Advisor Mohamed Abdel Wahab, executive vice president of the General Authority for Investment and Free Zones (GAFI), stated that the Investor Services Center provided 4,344 investment opportunities to 1,614 ordinary societies, boards of directors and partner groups, as well as 1,292 to extraordinary societies and amendments contracts. 1,438 contracts were published in the governmental investment newspaper to ensure their legal services, and 701 companies were launched, with a total registered capital of LE 160 million, while the paid up capital amounted to LE 295.7 million.

The governmental services include tax exemptions, issuing import and export certificates, approving import and export bills, and easing the process of issuing residency permits for foreigners and investors, he added.