CAIRO: Prime Minister Ibrahim Mahlab held a meeting Sunday to discuss disputes facing Egyptian investors, several media outlets reported.
The Ministries of Local Development, Housing, Justice, International Cooperation, Agriculture, Transport and Investment, along with the governors of Cairo and Alexandria attended the meeting.
During the meeting, Mahlab said the State’s entities are working on eliminating barriers that face Arab and foreign investors and taking procedures to guarantee economic reform.
In June, a number of sovereign bodies supervised the settlement of investor-state disputes involving Egyptian, Arab and foreign investors according to Al-Mal newspaper.
The Chairman of the General Authority for Investment and Free Zones Hassan Fahmy told Al-Mal the government seeks to increase the volume of foreign investment to $10 billion during fiscal year 2014-15.
Another committee including sovereign representatives and others from the private sector was formed in April under the chairmanship of Housing Minister Mostafa Madbouly to solve investor disputes.
Media outlets reported earlier that the Egyptian government is maintaining direct contacts with Saudi Arabia to settle a dispute with two businessmen: Sheikh Gamil El-Ganbit, former owner of the Omar Effendi Company, and Saudi investor Abdullah al-Kahk of the former Tanta Flax and Oils Company.
On July 12, Mahlab headed a ministerial meeting to discuss Egypt’s legal disputes with foreign investors and ways of settling them amicably instead of resorting to international arbitration, Youm7 reported.
During the meeting, he ordered the formation of a committee tasked with handling complaints filed by foreign investors against Egypt either with Egyptian courts or international arbitration tribunals.