Minister of Investment & Int'l Cooperation Took Part in a Parliamentary Hearing Session on the Investment Law

14 March 2017
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The Minister of Investment and International Cooperation Dr. Sahar Nasr took part in a parliamentary session to listen to the views of a number of investors in the tourism sector with regard to the Investment Law, in presence of Mr. Yehia Rashed, Minister of Tourism, Ms. Sahar Talaat, Head of the Tourism Committee in the Parliament, and Mr. Amr Ghallab, Head of the Parliamentary Economic Committee.
 
The Minister expressed her appreciation of the MPs and investors for their participation in the hearing session on the Investment Law, asserting that when she took the office of the Ministry of Investment, the Law had been already submitted to the Parliament. She also emphasized that she was keen on taking prompt actions to ratify and enforce the Law, noting that she asked the General Authority for Investment (GAFI) to develop an executive regulations of the Law concurrently with the relevant parliamentary discussions. The Minister further laid an emphasis on the significance of enforcing the law and enacting all laws complementing the Investment Law to create a legislative environment that supports investment. 
 
The Minister indicated that she was interested in listening to investors in the tourism sector within the framework of MIIC's keenness that the Investment Law would be attractive to the tourism sector, while asserting that MIIC worked with all ministries as a one team to increase the flow of investments.
 
Dr. Nasr noted the importance of differentiating between the challenges currently facing the tourism sector and the status of the Investment Law with the aim to facilitate the business environment for investors, given that the upcoming period would witness improvement of the economic and tourism conditions. 
 
In addition, the Minister ascertained that she worked with the government on fostering an attractive climate for both local and foreign investment and that in order to attract further foreign investments, communications had to be conducted with local investors to solve their problems. She noted that the most attractive countries for foreign investments were those who most support local investment. 
 
MIIC's agenda gave priority to solving investors' problems and eliminating obstacles facing them so as to encourage them to inject further investments in various sectors, which would have a positive impact on increasing growth rates and providing job opportunities, explained Dr. Nasr.  
 
The Minister mentioned that PM Sheriff Ismael assigned her to prepare a note on the economic dimension of Egypt's entry visa, within the framework of the government's keenness on attracting investors. 
 
In response to an inquiry on MIIC's demining efforts, the Minister pointed out that she moved the Executive Secretariat for the Demining and Development of the North West Coast to the Egyptian National Center for Mine Action and Sustainable Development. 
 
The demining action plan, according to Dr. Nasr, will focus on 5 pillars, namely raising awareness among children on the dangers of mines, providing a quality life to mine victims, and securing grants from development partners to help the victims and their families set up small enterprise in order to improve their standards of living, given that an Artificial Limbs Center was inaugurated in Marsa Matrouh. 
 
For his part, the Minister of Tourism emphasized Egypt's requirement to increase investments in the tourism field, indicating the significance of supporting the Investment Law so as to increase the foreign financial flows. Ms. Talaat also ascertained that the Tourism Committee would support investors in the Tourism sector, noting that the remote areas in terms of tourism would be developed. Mr. Ghallab called on investors to submit any amendments with regard to tourism in the Investment Law.
 
Moreover, several investors expressed their willingness to increase incentives for investors in the tourism sector. Finally, a number of MPs emphasized the necessity to unify efforts to revive tourism due to its significant role in the economic development and in providing foreign investors with the opportunity to invest in the tourist-attractive areas, while calling on investors to support the state in its tourism recovery efforts.

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