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16 May 2023

Today, President Abdel Fattah El-Sisi chaired the first meeting of the Supreme Investment Council after its reformation

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

At the outset of the meeting, the President affirmed the state's keenness to take the necessary serious and decisive measures and steps, to achieve a real breakthrough in the process of attracting, encouraging and promoting domestic and foreign investment, in addition to eliminating bureaucratic obstacles, and overcoming various challenges facing the increase of the private sector investments, with the aim of building a diversified  productive base, and achieving comprehensive economic development. The President stressed the importance of the completion of the positive steps taken in this regard during the recent period.

The Prime Minister also made a presentation during the meeting that included: the most important indicators and facts related to investment in Egypt, the measures that have been taken during the recent period to improve the investment environment, ways to double private sector investments, and proposals to provide incentives and facilities to create an attractive climate for investments in various sectors, according to the instructions of Mr. President in this regard.

Counselor Ahmed Fahmy, the official spokesman of the Presidency, stated that the Supreme Investment Council, during its meeting today headed by President Abdel Fattah El-Sisi, approved 22 important decrees aimed at achieving a quantum leap in various sectors and economic fields. The decrees include reducing the cost of establishing companies, reducing the restrictions imposed on incorporation, the required approvals and the period of obtainment, as well as facilitating land ownership, expanding procedures of the Golden License issuance, enhancing governance, transparency and competitive neutrality in the Egyptian market, facilitating the import of production requirements, and easing financial and tax burdens on investors, encouraging domestic and foreign investment, expanding the jurisdiction of economic courts, in addition to providing an integrated, competitive package of incentives and facilities in the agricultural, industrial, energy sectors with regard to green hydrogen production, and the housing sector, especially what it is related to real estate developers and investment projects in new cities, as well as transportation sector, what is relevant to export and customs duties, and standardization of pricing strategy.

The Spokesman added that the President gave instructions to the government to work on the approved decrees to be implemented as soon as possible, and according to a specific and announced timetable.