Minister of Investment and International Cooperation Sahar Nasr said on Wednesday that the committee assigned to prepare the Investment Law’s executive regulations had a second meeting on Tuesday to conclude the first draft and look into the suggestions of ministries.
The committee includes the chairperson of the General Authority for Investment (GAFI), head of the legislative affairs department in the council of ministers, four representatives of different sectors of the Investment and Free Zones authority, in addition to representatives of the ministers of investment, justice, housing, utilities and urban communities, industry and trade, and public sector affairs.
The committee agreed to hold a third meeting on Thursday in order to develop a vision for the draft regulations regulations.
Mona Zobaa, vice chairperson of GAFI, stressed the instructions of Sahar Nasr about the importance of concluding the first draft quickly in order to propose it to the cabinet while taking into consideration all the suggestions made by the different ministers.
Nasr said on Wednesday that the committee assigned to prepare the regulations has already started preparations with a plan to present them within a month to the cabinet, according to a report by the ministry.
The parliament approved the New Investment Law in May after disputions due to differing points of view among five ministries. The differences involved the specialties and powers of several institutions, including the investors’ services centres, which the investment ministry seeks to give power to allocate lands on behalf of all government agencies.
