The Ministry of Investment and International Cooperation said on Tuesday that Minister Sahar Nasr has formed two units to follow up on and solve the problems of investors, as well as analysing international indicators to improve the business environment and investment climate.
Nasr said that the two resolutions aim to improve the investment environment, provide the best services to investors, remove any obstacles facing them, develop frameworks to solve their problems quickly, and coordinate with the Ministerial Committee for Settlement of Investment Disputes.
They also aim at improving Egypt’s ranking in international business reports, which contributes to attracting investors and boosting the Egyptian economy internationally.
The text of the resolution, concerning the formation of an investors’ problems solving unit, stated that its role will focus on the establishment of an integrated system to receive, follow up on, and solve the problems of local and foreign investors. It shall be the body to which all complaints of investors are referred to.
The unit will develop a unified system of procedures and mechanisms to follow up and solve investors’ problems, starting from receiving the investors’ complaints, studying them, and developing frameworks for solving them, in addition to preparing an updated and detailed database for investors’ problems by developing the existing programme to examine investors’ complaints with the General Authority for Investment and Free Zones (GAFI). The programme will be tested and will include all research indicators required to issue the periodic reports.
The resolution also ensures that the unit will coordinate with concerned sectors to list all existing complaints of investors, work to remove obstacles, and agree on the proposed plan as well as the estimated timetable for dealing with the complaint.
The unit will also periodically monitor the implementation of the agreed procedures and coordinate with the Ministerial Committee for Settlement of Investment Disputes. The committee will provide the unit with the position of the complaints in question and the final decisions issued to follow up their implementation with the concerned parties.
The unit coordinates with the concerned administrative authorities as one of the proposed mechanisms for obtaining quick and effective solutions to investors’ complaints, communicate with the investors, and inform them of the procedures taken in respect of complaints submitted in order to achieve the principle of transparency.
The resolution calls for the formation of a follow-up and analysis unit for international indicators for improving the business environment and investment climate. It should monitor and analyse Egypt’s performance in all reports issued by international financial institutions that affect the investment climate and improve the business environment in coordination with various stakeholders. It will also monitor and analyse these reports in order to improve the classification of Egypt.
The committee will be divided into three groups, including a group whose task is to coordinate with international institutions and organisations to discuss ways to improve Egypt’s ranking in various international indicators and indicate the procedures implemented that were overlooked in the issued reports.
The unit will present a monthly report to the minister.