Parliament approves investment bill in principle

The House of Representatives approved in principle on Tuesday the draft investment law submitted by the Cabinet, amid disagreements between the Cabinet and MPs on a number of articles in the bill.

Many investors outside and inside Egypt have been awaiting the investment law. The bill is to be discussed in the General Assembly after being discussed by the Cabinet and the Parliament's Legislative and Economic Committees, Parliament Speaker Ali Abdelaal said during the general session.

Upper Egypt is suffering from a lack of investment due to governors who are working against the establishment of investment in the area, said Abdelaal.

"The are governors in Upper Egypt who are working against the establishment of investment and the Prime Minister knows them by name," said the Speaker of the House.

MP Medhat al-Sherif, Undersecretary of the Economic Committee, stressed that the bill balances the facilities provided to investors and the rights of the state.

The drafting of the law took place within just two days, but in general the law is good and serves investment, Sherif said, pointing out that he personally objects to some controversial articles within the bill.

A meeting held on Tuesday evening between the Parliament Speaker and a number of MPs who objected to the bill has supposedly solved any differences, said Sherif.

The Economic Committee will meet on Wednesday with Cabinet representatives to discuss Articles 11, 12 and 31 on free zones, said Committee member MP Hisham Emara.
Edited translation from Al-Masry Al-Youm

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