7 decisions to increase foreign direct investment to $12 billion within 23/24

The government aims to attract net foreign direct investments worth $12 billion during the current fiscal year, an increase of 20% over what was achieved during the last fiscal year, with the aim of increasing the investment rate, which will contribute to reaching the economic growth rate to between 7-9%, and raising the sector’s economic contribution. Private at all levels, and regulating the state’s role in economic activity.

1- Approval of a draft resolution to study amending the executive regulations of Investment Law No. 72 of 2017, and a draft resolution to amend the text of Article No. 34 of Investment Law No. 72 of 2017; To allow licensing for industrial projects based on natural gas as one of the production inputs to operate under the free zone system.

2- Preparing an investment map of up to 1,250 investment opportunities, distributed over 56 state agencies, including ministries, governorates, agencies, other entities, and the private sector. These opportunities vary between the industrial, service, agricultural, and tourism sectors.

3- Implementing 8 proposals for the General Authority for Industrial Development, including 2,650 plots of land for industrial investment within 21 industrial zones in 14 governorates, in addition to offering 1,657 industrial complexes in industrial parks in 7 industrial cities, in addition to offering 1,141 investment opportunities in development clusters in both North and South Sinai.

4- Approval issuing a decision to be circulated to all parties, setting a specific time frame for all approvals at 10 working days, and once upon establishment.

5- Approval of expanding the issuance of the golden license, and not limiting it to companies established to establish strategic or national projects, and amending Articles No. 40, 41, and 42 regulating the golden license to ensure that companies established before the Investment Law of 2017 may be granted.

6- Assigning the Ministry of Justice to prepare a set of legislative amendments necessary to overcome restrictions related to land ownership and facilitate foreigners’ ownership of real estate.

7- Approval of a draft decision amending the text of Law No. 7 of 2017, to allow the foreign investor to be registered in the importers’ registry, even if he does not hold Egyptian citizenship, for a period of 10 years. This comes within the framework of the efforts made to allow the facilitation of import procedures for the foreign investor.