Businessmen voice optimism for uniform investment law

Representatives of the Egyptian business community believe the uniform investment law, which the government is currently considering, is a positive step. The businessmen said they are optimistic regarding the law but are currently awaiting implementation, adding that the investment minister will face fierce opposition if the ‘one-stop shop’ system is put into force.

Former Federation of Egyptian Industries Chairman Galal Al-Zorba said the draft uniform investment law has some “good” points.

He added: “What is important is its being implemented and put into force on the ground, to speed up a revival of confidence in the economy and capital flow in order to begin to address the issue of unemployment.”

According to Al-Zorba the investment minister “will face a fierce war with all government agencies, especially local governments and the Industrial Development Authority”, in order to activate the ‘one-stop shop’ system.

Investment Minister Ashraf Salman told Daily News Egypt last week that the law faces opposition from some. This is especially in relation to the ‘one-stop shop’ system which will be charged with issuing all licences under the General Authority for Investment (GAFI).