“Higher Investment”: Allowing the foreign investor to be registered in the importers register for 10 years

Today, President Abdel Fattah El-Sisi chaired the first meeting of the Supreme Investment Council after its restructuring, in the presence of Dr. Mostafa Madbouly, Prime Minister, Hassan Abdullah, Governor of the Central Bank, and ministers, officials and representatives of the private sector who are members of the Council.

Counselor Ahmed Fahmy, the official spokesperson for the Presidency of the Republic, stated that the Supreme Investment Council, during its meeting today headed by President Abdel Fattah El-Sisi, approved 22 important decisions in various economic sectors and fields. It aims to achieve a quantum leap in reducing the cost of establishing companies, reducing the restrictions imposed on incorporation, the required approvals and the period for obtaining them, as well as 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, 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 regard to green hydrogen production, the housing sector, and real estate developers and investment projects in new cities. As well as the transport sector with regard to export and customs fees, and the unification of pricing strategy.

To address the difficulty of importing production requirements, a draft decision was approved to amend the text of Law No. 7 of 2017; 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 efforts to facilitate import procedures for foreign investors.