Egypt’s Minister of Investment and International Cooperation Sahar Nasr, Minister of Finance Mohamed Maeet and Minister of Trade and Industry Amr Nassar held a meeting on Sunday to discuss boosting cooperation and removing investment obstacles.
The ministers agreed that the General Authority for Investment and Free Zones (GAFI) would be responsible for receiving the complaints submitted by investors regarding the Value-Added Tax through the investor service centers in Cairo and other governorates.
The Finance Ministry will be assigned, through its representatives in the centers and through the Investment Ministry’s website, to follow up on the submitted complaints and respond to them.
The three ministers also agreed to coordinate their efforts to improve the investment and business climate to remove any obstacles facing investors and to guarantee a bigger involvement of the private sector in ventures across the country.
They decided to put a plan to boost investments in the industry sector to increase productivity and provide job opportunities, and activate the investment law and tax incentives.
They also agreed to form a joint working group for cooperation between the three ministries.
Nassar pointed out that his ministry is keen to strengthen the bonds of cooperation with the Ministries of Investment and International Cooperation and Finance in order to achieve integration and attract investments in the industrial sector.
In another meeting, Nassar said that an inventory on the unexploited potential of the factories (about 40 percent) will be completed within two months through the industrial investment map.
“The ministry's main priorities during the coming period are to focus on industries that have an advantage in Egypt, such as labor-intensive industries, manufacturing and processing industries and small, medium and micro-industries,” Nassar stressed.
