The Minister of Investment, Dr. Mahmoud Mohieldin attended the fifth meeting of the Board of Trustees of the General Authority for Investment and Free Zones.

The meeting was attended by the board members of the General Authority for Investment and Free Zones.

The Chairman of the Board of Trustees, Dr. Zeyad Bahaa El Din reviewed the board’s activities, most notably participation by the board in some studies on assessment and development of the investment climate in Egypt and actions taken to improve business establishment indicators in the Egyptian market.

The meeting reviewed the standard companies’ draft law finalized by a committee of GAFI board of trustees. The draft law will be presented to investors’ associations and legal experts and other relevant entities.

Bahaa El Din presented the procedures taken to establish a center for investor dispute settlement within a single project to help investment projects avoid much time, effort and cost. The center will be effective early 2009. He explained that 60 legal experts were trained to perform the role of broker in dispute settlement. The center will be located in the premises of GAFI.

The meeting announced the establishment of the national contact point that is aimed at creating the business and workers community’s awareness of the importance of Egypt’s joining the investment declaration of the Organization for Economic Cooperation and Development (OECD).
This message will be conveyed in a conference to be held by GAFI board of trustees in September 2008. A website for the contact point is to be launched.

A committee will be formed to study aspects related to Egypt’s participation in the investment declaration and create the awareness of this issue among the investors’ association all over the country. A complaint system will be established in line with the provisions of this declaration.

Dr. Mohieldin reviewed the ministry’s program to develop and improve the investment activity at the level of economic sectors and governorates. He added that some economic sectors are highly preferred by investors such as the agricultural sector, the industrial sector and the infrastructure sector which will attract large investments during the coming period.

The Minister of Investment reviewed Egypt’s situation with regards to the development of business facilitation indicators. He added that the Capital Market Authority issued decree # 2/2008 to amend the rules of listing and unlisting securities on the stock market in order to improve the scope of disclosure by board members and other parties related to companies listed on the Egyptian stock exchange. This will provide more protection to investors and more transparency to commercial transactions. A major achievement with regards to “access to finance” indicator was achieved by establishing the first credit information company.

Improvements were recorded in business start up procedures, Egyptian stock exchange.       
     
The meeting was attended by the Chairman of the General Authority for Investment and Free Zones, Eng. Asem Ragab; the Chairman of the Mortgage Finance Authority, Mr. Osama Saleh; the Vice Chairman of the Egyptian Stock Exchange, Dr. Mohammed Omran and Assistant to the Minister of Investment, Dr. Ibrahim El Ashmawy as well advisors to the Minister of capital market and international relations.

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