The Supreme Investment Council chaired by President Abdel Fattah El-Sisi held its first meeting after its restructuring, in the presence of Prime Minister Mostafa Madbouly, Central Bank of Egypt Governor, Hassan Abdullah, ministers, officials and private sector representatives and issued 22 decisions on 16 May 2023.
The 22 decisions include:
- Reducing the cost of establishing companies.
- Reducing the restrictions imposed on incorporation and the required approvals and the period for obtaining them.
- Among the decisions and with GAFI’s and the related entities’ guidance, a unified electronic platform for establishing, operating and liquidating companies will be established.
- Regarding the multiplicity of approvals and the length of time for obtaining them, it was approved to issue a decision to be circulated to all parties, to specify a specific time limit for all approvals of 10 working days and for only once time upon incorporation.
- Stimulating domestic and foreign investment.
- Expanding the jurisdiction of economic courts, in addition to providing an integrated and competitive package of incentives and facilities in the agricultural, industrial, and energy sectors with specific regard to green hydrogen production.
- In addition to providing support to the housing sector, real estate developers and investment projects in new cities as well as the transport sector.
- Facilitating land ownership
- Expanding the issuance of the golden license.
- Strengthening governance, transparency and competitive neutrality in the Egyptian market.
- Facilitating the import of production requirements, and reducing financial and tax burdens on investors.
Source: Egypt Today