(AFP File Photo)
The Egyptian government is planning to complete the uniform investment and Egyptian product preference laws, which will approved by President Abdel Fattah Al-Sisi, before the economic summit scheduled to be held in Sharm El-Sheikh during February 2-15.
The goal of the summit is to revive confidence in the Egyptian economy and attract new investments, according to Prime Minister Ibrahim Mehleb.
In a press statement released on Sunday Mehleb said that “the committee approved the law on the Egyptian product preference and decided to forward it to the Fatwa and Legislation Committee of the State Council,” adding that the law will be completed before the economic summit in February.
The goal of economic legislation reform is to create an attractive investment climate, amend the existing investment law, and promote the use of Egyptian products in industry, said Mehleb.
Mehleb added that the purpose of investment legislation is to create an attractive atmosphere for investments, eliminate obstacles, put the “one-stop shop” investment window system into force, create respect for contracts, ensure respect for contracts, and set out mechanisms for resolving investment disputes.
Ibrahim El-Henaidi, transitional minister of justice and committee rapporteur, stated that the committee will amend a package of laws related to the uniform investment law, such as the trade and customs law and product preference law.
He said that the transitional Ministry of Justice has completed the electoral commission law and will refer the draft to the legislative reform committee, adding that the committee discussed laws to be completed in the coming phase; including regarding investment, trade unions, and professional work laws.
