Egypt: open to investment

Dr Abou Shoka of Egyptian law firm Abou Shoka Law offers, in this opinion piece, his personal assessment for foreign investors of the prospects of the protections offered to them by the Egyptian government, including in dispute resolution.

Foreign investors exploring opportunities in Egypt will be glad to hear that the country is taking serious measures to integrate new investment legislation and policy in a bid to attract international investors.

There has been some great progress made since the Arab Spring of 2011, when many investors pulled out of the region, although Egypt does have a way to go until businesses feel confident in turning their investment focus back towards this region.

ADDRESSING ISSUES OF CORRUPTION

Egypt has been working hard in recent times on improving its legal and regulatory system, particularly with a view to cracking down on bribery and corruption and improving corporate governance. These are the sorts of challenges any jurisdiction faces after a seismic regime change and Egypt is very aware that a negative reputation in this regard is a serious deterrent to foreign businesses investment.

The measures that are being put in place form part of Egypt’s 2014-2018 National Anti-Corruption Strategy, which is the force behind a wide array of policies and reforms focussed on 10 key objectives.

These objectives include raising the level of performance in government, as well as establishing transparency and integrity principles among public officials. Another focus is developing and updating anti-corruption legislation, and strengthening judicial procedures to achieve prompt justice, and strengthening the capacities of anti-corruption bodies.