Companies foundation increases to 77%: Min.

CAIRO – 16 April 2018: The percentage of founding companies jumped to 77 percent which indicates the success of the investment law in providing the appropriate environment for businesses, Minister of Investment Sahar Nasr said Monday.

She added during the fourth edition of Egypt Corporate Social Responsibility (CSR) Forum that article number 15 of the investment law refers to corporate social responsibility, explaining that the ministry will launch an initiative for companies to participate in projects of social responsibility on June 30.

Egypt has been working on improving its business climate and removing obstacles that hinder investment in the country.

In 2017, it passed a new investment law that offers foreign investors a bundle of incentives that include tax breaks and rebates. It also deals with bureaucratic problems, promises the simplification of procedures, and provides guarantees for investors.

For his part, Minister of Communications and Information Technology Yasser al-Kady said that the telecommunications sector is one of the sectors that are witnessing initiatives for social responsibility.

He pointed out that all companies in the sector, including foreign companies, have provided Aman certificates for their employees.

Head of Federation of Egyptian Industries Mohamed el-Sewedy also said that there are no reforms that can be achieved without the cooperation of the three parties; the civil society, the government and the Parliament.

Sewedi explained that the Federation of Industries implemented a project in the direction of reducing unemployment, called "Your job in your village", which is a difficult project to be implemented and needs significant support from the government, stating that the government support has already been achieved.

The fourth edition of Egypt Corporate Social Responsibility (CSR) Forum will be held from April 16 to 17, 2018, in Cairo, Egypt.

“Development Drivers in Various Sectors” is the title of the forum this year, and it will underline the actual needs of the sectors that impact citizens’ lives.

The forum will also discuss the Egypt Vision 2030, and the role of the private sector in supporting this vision.