El-Khatib participates in US-Egypt Policy Leaders Forum
Arab Finance: Minister of Investment and Foreign Trade Hassan El-Khatib has participated in the US-Egypt Policy Leaders Forum, organized by the American Chamber of Commerce (AmCham) in Egypt, as per a statement.
The forum gathers leaders from major American companies operating in Egypt and the region, as well as several government officials and private sector representatives.
El-Khatib noted that this forum represents an important platform for boosting the economic partnership between Egypt and the US, establishing new bridges of cooperation in light of rapid global changes.
Egypt has witnessed a qualitative shift in infrastructure development over the past decade, including the establishment of new cities, road networks, ports, and airports, in addition to energy projects, El-Khatib added.
The minister highlighted that these developments secured a more competitive and attractive environment for local and foreign investment.
Additionally, he noted that the state is currently working to implement a package of financial, monetary, and commercial reforms that ensure transparency and promote growth.
For the first time, El-Khatib announced a comprehensive inventory of all fees and non-tax financial burdens imposed on investors. This aims to reduce burdens and improve governance and transparency.
This reform is being implemented in two phases, with the first focusing on burdens imposed on all sectors. This includes fees for the Training and Qualification Fund, which has been amended under the Labor Law to 0.25% of the minimum insurance wage, instead of 1% of net profit.
Meanwhile, the second phase aims to reduce non-tax financial burdens, restructure the financial relationship between the state and the investor, while clarifying the investor's rights and obligations towards the state during the investment period.
The minister also announced the launch of a temporary platform for investment licensing in the coming days, adding that the platform will include 389 services and electronic licenses in its first phase.
Later on, the "Economic Entities" platform will be launched to cover the entire project lifecycle, from inception through licensing to operation.
As for foreign trade, he stated that the government aims to double exports to reach 20% of gross domestic product (GDP).
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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