Cooperation agreements between Egypt, Jordan and Iraq to attract investments

The Egyptian state continues its efforts for development and to attract Arab and foreign investments and provides all facilities for this despite the great challenges facing the world

Engineer Hossam Haiba, Chairman of the General Authority for Investment and Free Zones, said that there are challenges facing those working in the field of investment, including the lack of clarity in decisions.

Digitization and computerization of all services

He explained that the government and the Investment Authority are currently working on digitizing and computerizing all the services provided by the Authority, which contributes to the ease of work. 

He indicated that digitization will be dealt with in an integrated manner by next July.

    Important problems

Haiba added that the most important problems that hinder investors in Egypt are the poor communication between the authorities and each other, the lack of clarity of procedures and not laws, and therefore the procedure itself must be facilitated.

He stressing that the large number of procedures and decisions work on confusion among people, so decisions must be stable. relating to financial transactions or the issuance of laws.

He pointed out that the challenges and solutions are clear to everyone in the investment file, stressing that President El-Sisi directed all concerned parties to implement the investment quickly and put in place facilitating procedures for implementation.

Economic integration 

On the other hand, the Secretary-General of the Arab Union for Land Transport, Malik Haddad, stressed that the economic integration between Egypt, Jordan and Iraq is an incentive to attract investments in the region.

  He pointed out that the tripartite committee between countries is a model for joint Arab action in all sectors, including the land transport sector.

The Secretary-General of the Arab Union for Land Transport said that there are many tripartite agreements between Cairo, Amman and Baghdad that have a direct impact on attracting investments in the three countries and the region in general.

joint Arab action

He stressed the need for joint Arab action for sustainable development and Arab economic growth.

Malik Haddad added that the Arab region is the best for investment, especially since there are several projects that were discussed between President Abdel-Fattah El-Sisi, Jordan's King Abdullah II and Iraqi Prime Minister Mohammed Shia Al-Sudani on the sidelines of the Baghdad 2 summit, which was held last year at the Dead Sea.

logistics area

He pointed out that there is a proposition for investment regarding the exploitation of the strategic location of Egypt, Jordan and Iraq.

He explained that the establishment of a logistical area for the exchange of goods in eastern Jordan is being discussed, noting that Jordan's strategic location between the Maghreb and the Arab Levant as well as Syria and Lebanon gives it a strategic advantage for the exchange of goods.

Arab Transit Agreement

He noted that there are several decisions for this meeting, the most important of which is the reconsideration of the Arab Transit Agreement, which was signed in 1977, and its development in line with the digital revolution in the transport sector.

  Pointing out that the meeting aims to create a unified platform for all Arab countries in the field of freight and passenger transport, and these recommendations will be submitted to the Council of Transport Ministers, which is held annually in Cairo.