Minister of Investment and Foreign Trade meets with members of the Investors Union and reviews visions and proposals targeting promotion of local investment.
Engineer Hassan Al-Khatib, Minister of Investment and Foreign Trade, met with members of the Investors Union, where visions and proposals aimed at promoting local investment were reviewed, as well as an ambitious work agenda aimed at protecting national industry and expanding the investment area in border regions.
The meeting was attended by Engineer Mohamed El-Gousky, CEO of the General Authority for Investment and Free Zones (GAFI), Engineer Essam El-Naggar, Chairman of the General Organization for Export and Import Control(GOEIC), Dr. Amani El-Wassal, Chief of Agreements and Foreign Trade Sector, in addition to Mr. Moharram Helal, Chairman of Investors Union, and a number of members of the Union.
The Minister reviewed the visions and proposals of the members of Investors Union aimed at promoting local investment, where the most prominent challenges facing the business sector were discussed, and ways to overcome obstacles were explored to ensure a stimulating investment environment.
The minister said that the development of the Upper Egypt is at the top of the state’s priorities, explaining that the ministry is committed to implementing provisions of the law that grants projects established in areas most vulnerable for development an investment incentive in the form of a tax discount up to 50% of the investment cost from the net taxable profits, in accordance with the approved investment map.
Al-Khatib added that the local investor as considered the "son of the nation", receives the same treatment and care as the foreign investor, without discrimination.
The minister stressed the necessity to localize investment services in the governorates (Upper Egypt and Sinai) for ending suffering of travel to Cairo, announcing the state’s tendency towards full digital transformation in cooperation with the Ministry of Communications.
The minister revealed launch of a digital platform that includes 389 licenses, in addition to contracting with consultants to develop “Economic Entities Platform” which will cover the investor’s journey electronically from establishment to payment of fees.
Al-Khatib also referred to the reorganization of fees imposed by different authorities on investors, by digitizing them and integrating them into a unified system, to reduce overlap and alleviate non-tax burdens, stressing the continuation of efforts to protect local industry and confront smuggling to ensure fair competition.
Regarding protection of the local market, the minister stressed the use of international trade tools that comply with the rules of the World Trade Organization. He also emphasized the state’s firm stance against customs smuggling operations, through strict control measures and thorough inspection of quality and specifications in coordination with the Ministry of Finance and the governors.
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