After announcing new laws for investors.. Egypt wins the United Nations Investment Award

Amid the developments in Egypt in the field of investments, the laws enacted by the Senate seek to facilitate the matter for investors and provide them with incentives.

The draft investment law amendments witnessed widespread controversy and discussions in the Senate before its final approval, in the context of the Egyptian government’s efforts to encourage foreign direct investment, improve the confidence of international investors in the Egyptian economy, and stimulate private sector activity.

Tax benefits and facilities

The report of the Economic Committee of the Senate confirmed that tax incentives are among the most important investment incentives by providing tax benefits, facilities and guarantees that work to motivate investors, and include:

1- Extension of work with special incentives.

2- Granting an additional monetary investment incentive, with special limitations and controls aimed at attracting specific industries and directing them to specific regions within the country.

The draft law submitted by the government aims to amend some provisions of the Investment Law promulgated by Law No  (72) of 2017, including:

1- Conducting and introducing tax incentives aimed at enhancing the investment climate in Egypt.

2- Encouraging foreign direct investment in light of the competitive advantage of Egypt, which is the relative availability of energy in the presence of an energy crisis in many countries at the present time, which supports industrial investments and attracts more foreign exchange.

Egypt wins the United Nations Investment Award

In a promising step, the United Nations Conference on Trade and Development (UNCTAD) announced that the General Authority for Investment and Free Zones won for the first time the United Nations Excellence Award for the year 2022, in recognition of its efforts to achieve "excellence in targeting and promoting sustainable investment in the agribusiness sector."

On the sidelines of his participation in the meeting of the Investment and Development Committee of UNCTAD, the award was received by the CEO of the Commission, Counselor Mohamed Abdel-Wahab, in the in Geneva, Switzerland, in the presence of the Permanent Representative of Egypt to the United Nations and other international organizations in Geneva, Ambassador Dr. Ahmed Ihab Gamal El-Din, and the head of the Egyptian Commercial Office in Geneva, Dr. Ahmed Maggori.

The CEO of the authority stressed that this award is a new achievement added to the authority for the first time in its history, and is a certificate of confidence in the success of the Egyptian government in supporting and enhancing a sustainable business and investment climate, and attracting value-added investments.

Counselor Mohamed Abdel-Wahab pointed out that the authority's winning of this award is a tribute to its role towards investors, through the formulation of policies and laws, creating real investment opportunities and facing various investment challenges, in addition to its role as a provider of investor services from establishment to operation during the various stages of the life of investment projects.

Abdel-Wahab explained that this year's award focuses on promoting sustainable investment in agricultural businesses related to sustainable development goals regarding food security, noting that it was the culmination of the authority's excellence in facilitating the procedures of the "Canal Sugar" project, which is a model for integrated foreign direct investment projects in the field of agriculture. and industrialization, which contribute to import substitution and provide more job opportunities in Upper Egypt.