The Council of Ministers allows the foreign investor to be registered in the Importers Register

The Council of Ministers approved a draft law amending some provisions of Law No. 121 of 1982 regarding the Importers Register, to allow the registration of foreign investors, as part of the state’s efforts to attract foreign investments, within the framework of implementing the decisions issued by the meeting of the Supreme Investment Council chaired by the President of the Republic on May 16, 2023. .

The amendment stipulates that the entry in the importers’ register is permitted for joint-stock companies, partnerships limited by shares, limited liability companies, or partnerships in which the shares or stakes of the partners are not owned by Egyptians, or are owned by them at a rate of less than 51%, provided that the total periods of registration in the register do not exceed 10 years from the date of enforcement of the provisions of this law, and it may be extended for one period only, not exceeding 10 years, by a decision of the Council of Ministers based on the proposal of the Minister concerned with foreign trade affairs.