Easing the burdens.. Resolutions of the Supreme Investment Council

President Abdel Fattah al-Sisi presided over the first meeting of the Supreme Investment Council after its reorganization, in the presence of Dr. Mustafa Madbouly, Prime Minister, Hassan Abdallah, Governor of the Central Bank, and ministers, officials, and representatives of the private sector among the council's members.

And in this infographic we will monitor the most important things that came out of the meeting:

• Allowing the license for industrial projects based on natural gas as one of the production inputs to operate under the free zone system.

• Approval to issue a resolution to determine a specific time frame for all approvals for 10 business days and once upon establishment.which adds more confidence in the investment climate in Egypt.

• Directing the General Authority for Investment and Free Zones in cooperation with all concerned parties to create a "unified electronic platform for the establishment, operation and liquidation of projects".

• Tasking the Ministry of Justice with preparing a set of legislative amendments necessary to overcome the restrictions related to land ownership, and to facilitate the ownership of real estate by foreigners.

• Approving the expansion of issuing the golden license and considering not limiting it to companies that are established to establish strategic or national projects.

• and amending Articles No. (40), (41) and (42) governing the Golden License to ensure that companies established before the Investment Law of 2017 can be granted the Golden License.

• Tasking the Council of Ministers with studying the transfer of the subordination of the regulated bodies in the utility sectors, in order to guarantee their independence, with the aim of strengthening the separation between ownership and management in a number of state sectors.

• Approving a draft resolution to make amendments to some legal articles that grant preferential treatment to state-owned companies and entities, with the aim of strengthening competitive neutrality in the Egyptian market.

• It is not permissible for any entity to issue general regulatory decisions that add financial or procedural burdens related to the creation or operation of projects subject to the provisions of the Investment Law or impose fees or in exchange for services on them or amend them, except after taking the opinion of the Board of Directors of the General Investment Authority and the approval of the Council of Ministers and the Supreme Investment Council.

• The approval of a draft regulatory resolution is mandatory with clear mechanisms and controls in cases where improvement fees are imposed according to the regulatory laws, and the basis for calculating each case.

• Consider making classifications for the required values according to the purpose of the investment, whether health, tourism, or hotel, and it will be circulated to all administrative bodies.

• Approval of a package of incentives in support of a number of sectors and projects, including those related to supporting the agricultural, industrial, and energy sectors with regard to the production of green hydrogen, this in addition to the housing sector and that of real estate developers and investment projects in the new cities, as well as the transportation sector with regard to export and customs fees, and unification Pricing strategy.

• This is to get rid of the issue of multiple parties imposing improvement fees on investors, as the investor pays the same fees to several parties.