The new investment law will be announced in the first week of March, prior to the Economic Summit which will be held in Sharm El-Sheikh, according to Investment Minister Ashraf Salman.
Salman added that negotiations and meetings for the new law are being held with all Egypt’s business sector entities, unlike any law issued in the country before.
The new law will state that the promotion activity be under a separate administration within the Investment Authority, according to the minister. He added that the final draft of the law has been reviewed by the Ministers of industry, Finance, and Prime Minister.
The government will wait for the final decision of the Constitutional Court that will decide whether the parliamentary elections will be held or postponed.
“Whether the elections are held or postponed, it will not affect the Economic Summit,” said Minister of Trade and Industry Mounir Fakhry Abdel Nour.
He added that Egypt is working on completing the road map, especially the final step which is the parliamentary elections.
According to Abdel Nour, there will not be huge issues if elections were postponed for two weeks, mentioning that the value-added tax law will be issued before the Economic Summit.
Abdel Nour added that the new law states that the value added tax (VAT) will substitute sales tax and will not have an inflated effect once applied.
He also said that it was agreed that industrial land will be under the new investment law. There will not be a separate law for industrial land.