On 18 June 2017, the Minister of Investment and International Cooperation Dr. Sahar Nasr chaired the fourth meeting of the Investment Law’s Executive Regulations Drafting Committee, constituted pursuant to PM Sheriff Ismael's directives.
The committee comprises GAFI’s CEO, Head of the Cabinet’s Legislative Affairs Directorate, and four representatives of GAFI’s various sectors, as well as representatives from the Ministries of Investment & International Cooperation, Justice, Housing, Finance, Tourism, Agriculture, Trade & Industry, and the Public Business Sector.
The Minister emphasized the necessity to accelerate finalizing the first draft by tomorrow night at the latest to be submitted to the Cabinet, provided that the Executive Regulations’ articles facilitate procedures and cut red tape. She noted that a copy of the first draft would be submitted to all ministries to learn about their comments and feedback so as to be issued by the Cabinet.
The Committee discussed suggestions of 15 ministries and bodies, including the Ministries of Interior, Agriculture, Supply, Manpower, Environment, Local Development, Finance, Social Solidarity, Immigration, Communications & Information Technology, Housing, Electricity and Tourism, in addition to and the General Authority for Investment (GAFI) and the Association of Private Free Zone Owners.
Further, the Committee tackled including such suggestions in the Executive regulations’ draft, most notably the rules and regulations for granting special incentives to investors, investment activities, preparation of the investment map, provision of electronic services, automation, rules regulating the preparation of the investment guide, conditions and procedures for obtaining single permits, legal form of the accreditation offices, corporate governance, activation of e-services system, and the terms and conditions for obtaining a license for an activity or craft in the Public Free Zone.