Matti Bishai” praises the decisions issued by President Al-Sisi and issued by the Supreme Investment Council
Fathi Al-Sayeh
Eng. Matti Bishai, Chairman of the Internal Trade Committee of the General Division of Importers in the General Federation of Chambers of Commerce, praised the decisions issued by President Abdel Fattah Al-Sisi, and issued by the Supreme Investment Council, to prevent bureaucracy, red tape, disruption and attracting Investment, preventing clashes between ministries and resolving disputes.
Bishai said, “It is a very important, serious and accomplished step to stimulate domestic investment and attract more foreign direct investments, calling at the same time that there be a commitment on the part of the government in The speed of activation of the decisions of the Supreme Investment Council.
Matti Bishai added that the 22 decision will enhance the development of solutions to many problems And challenges facing the economic situation and opportunities to attract foreign investment.
The decisions issued by the Supreme Investment Council included the following:
1- With regard to the restrictions for establishing companies, it was approved On a draft decision to study the amendment of some articles of the executive regulations of the Investment Law No. 72 for the year 2005, and a draft decision to amend the text of Article No. 34 of Investment Law No. 72 for the year 2005, to allow licensing of gas-based industries projects
2- Regarding the multiplicity of approvals and the length of time for obtaining them, it was agreed to issue a decision to be circulated to all parties, to specify a specific time limit for all approvals with 10 working days, and for one time upon incorporation, which adds more confidence in the investment climate in Egypt, with guidance to the General Authority For investment and free zones, in cooperation with all concerned authorities, to establish a “unified electronic platform for establishing, operating and liquidating projects” and approving amendments to the electronic signature law (Law No. 14 ) for the year 2004) and referring it to Parliament, in order to reduce bureaucratic barriers and simplify procedures.
3- With regard to land allocation, the Ministry of Justice was tasked with preparing a set of amendments The necessary legislative measures to overcome the restrictions related to land ownership, and to facilitate foreign ownership of real estate. With regard to permits to practice activity, it was agreed to expand the issuance of the golden license and consider not limiting it to companies establishing strategic or national projects, and amending Articles No. (40 ) and (40) and (40) organizing the golden license to ensure that companies established before The Investment Law of the Golden License.
4- Assigning the Council of Ministers to study the transfer of the affiliation of the regulating bodies to the utility sectors, in a way that guarantees their independence, with the aim of strengthening the separation between ownership and management in a number of State sectors, as well as approving a draft decision to make amendments to some legal articles that grant preferential treatment to state-owned companies and entities, with the aim of enhancing competitive neutrality in the Egyptian market. For the state, a draft decision was approved to issue a law establishing a unit in the Council of Ministers that collects data on state-owned companies, and its decisions are binding on restructuring, whether by selling or transferring affiliation from one party to another, provided that the result of its work is submitted every 3 months to the President of the Republic and the Council of Ministers, A draft decision was also approved to enhance governance and transparency.
6- To address the difficulty of importing production requirements, a draft decision was approved to amend the text of Law No. 7 of the year ; To allow the foreign investor to be registered in the importers register, even if he does not hold the Egyptian nationality, for a period of 10 years; This comes within the framework of the efforts exerted to allow the facilitation of import procedures for the foreign investor.
7- To meet the additional burdens imposed on investors, a draft decision was approved that no party may issue general regulatory decisions that add financial or procedural burdens related to Establishing or operating projects subject to the provisions of the Investment Law, imposing fees or consideration for services on them, or amending them, except after obtaining the opinion of the Board of Directors of the General Investment Authority and the approval of the Council of Ministers and the Supreme Investment Council.
8- In connection with the same subject, and in Within the framework of alleviating the financial and tax burdens on investors, a draft regulatory decision was approved binding with clear mechanisms and controls for cases of imposing improvement fees in accordance with the regulating laws, the basis for calculating each case, and consideration of making classifications of the required values according to the purpose of investment, whether health, tourism, or My hotel, and it is circulated to all administrative bodies. This comes to get rid of the issue of the multiplicity of entities that impose improvement fees on investors, as the investor pays the same fees to several entities. Tax or other burdens on them for the benefit of government agencies, with a time limit (45 days) that guarantees the speedy refund of the value-added tax, and speeds up the procedures.
10 – Within the framework of efforts to create a stable tax legislative environment, a draft decision was approved to expedite the declaration on the State’s tax policies document during the next five years; This is to eliminate the instability of tax legislation, the multiplicity of agencies entrusted with it, and the imposition of additional fees from various authorities.
– A draft decision instructing the Ministry of Justice to quickly finalize the amendments to the profit transfer law for holding companies and subsidiaries to ensure the reduction of tax burdens and the avoidance of double taxation, and this comes within the framework of stimulating domestic and foreign investment.
12 – A draft decision to assign the Ministry of Justice to amend the Civil and Commercial Procedures Law No. 13 for the year 72, which allows for raising the value jurisdiction of the economic and partial courts, and expanding the scope of their substantive jurisdiction to resolve commercial disputes, while raising the quorum Non-appeal, thus enhancing commercial dispute settlement mechanisms and thus accelerating the enforcement of contracts.
A draft decision to assign the Ministry of Justice to issue a binding regulatory decision with clear controls to set a specific time limit for disbursing compensation to investors in cases of expropriation, not exceeding 3 months, while obligating the administrative authorities to intensify negotiations with investors on appropriate compensation; This will add more confidence in the investment climate in Egypt.
14 – A draft decision to benefit from the International Finance Corporation (IFC), to contract with a global consulting office; To develop a participatory vision and a clear strategy for investment in Egypt, and mechanisms to improve Egypt’s ranking in the ease of doing business index in the coming years, in order to achieve the national target of raising investment rates to between 30% to 30%.
15 – Studying the amendment of 9 articles of the Economic Zones of Special Nature Law 72 for the year 2005, with the introduction of A number of additional articles to the text of the law, granting privileges and exemptions to the economic zone,
14- establishment A permanent unit in the Council of Ministers headed by the CEO of the General Authority for Investment, specialized in setting appropriate policies, laws and regulations for the growth and prosperity of emerging companies in Egypt, as well as receiving complaints from emerging companies in coordination with the Investor Problems Solving Unit and developing appropriate solutions for each of them in coordination with the competent authorities.
17- Adopting a package of incentives in support of a number of sectors and projects, including those related to supporting the agricultural, industrial, and energy sectors with regard to Green hydrogen production, in addition to the housing sector and what is related to real estate developers and investment projects in new cities, as well as the transportation sector with regard to export and customs duties, and the unification of pricing strategy.
