Procedures taken by the government to facilitate and investment and business climate were discussed when the Minister of Investment, Dr. Mahmoud Mohieldin met the Working Group on Development of the Investment Procedures.
The meeting covered the actions implemented by the government to reduce the cost of transitions, shorten the time of procedures and facilitate procedures for investors in general and small and medium-sized enterprises (SMEs) in particular.
SMEs is a major generator of jobs and incomes for a wide range of youth and limited-income citizens.
The Working Group on Development of the Investment Procedures is chaired by Dr. Zeyad Bahaa El Din, the Chairman of the Board of Trustees of the General Authority for Investment and Free Zones.
Facilitated procedures cover the project lifespan from entry into the market up to liquidation and exist from the market. The meeting discussed the procedures taken to reduce the minimum capital requirement of limited liability companies to LE 200 to help SMES.
The cost of establishing a company has been reduced along with the number of procedures which should not be finalized from a single place at the General Authority for Investment and Free Zones.
Time to register property has become shorter. A major achievement in the field of access to finance was the establishment of a credit information company which has been effective since March 2008. Time necessary cross-border import and export has been shortened.
Dr. Mohieldin highlighted the development introduced by the standard building law which reduced the time and cost of obtaining building licenses as well as the economic courts law which will have a great impact on investor protection, enforcement of contracts and litigation procedures.
Success in improving the business environment in Egypt is attributed to the coordination of efforts of all entities represented in the working group, Dr. Mohieldin said.
The Minister of Investment asked the attendees to continue their efforts to bring about more economic activities to projects and raise their growth and relevant jobs.
The meeting was attended by representatives of the Ministry of Finance, Ministry of Justice, Ministry of Administrative Development, Ministry of Local Development, Ministry of Investment, Ministry of Hosing and Ministry of Trade and Industry as well as representatives of the Central Bank of Egypt, Cairo Governorate, Credit Information Company, GAFI, Egyptian Institute of Directors, Capital Market Authority, Exports and Imports Control Authority, Great Cairo Drinking Water Company, Holding Company for Water and Sanitation and South Cairo Company for Electricity Distribution.