CAIRO: The Egyptian Cabinet formed Friday a senior joint committee for settling the Saudi Arabian Investors’ problems . It hopes to solve investment problems quickly, restore confidence in thr economy and reach solutions without resorting to international arbitration, said Minister of Industry and Trade Mounir Fakhry Abdel Nour, Mubasher reported Friday.
The committee includes members of the Egypt-Saudi Business Council besides a number of judicial and economic figures, he said, adding that Saudi investment in Egypt is considered a major pillar of Egypt’s economy.
Besides solving investors’ problems, the joint committee will discuss permitted investment opportunities along with achieving economic integration between the two countries and attract new investment.
Ahmed Al Wakil, head of the Federation of Egyptian Chambers of Commerce and a member of the Senior Committee said the committee will focus on solving investors’ problems quickly so they become active investments, saying, “other than the flopped Saudi investment, there are another 1,800 Saudi investors and Business owners in Egypt thay are safe and active,” Mubasher reported.
“A number of Saudi Arabian investors expressed their willingness to invest and expand their investments in Egypt during the upcoming period,” he said, pointing out that Saudi Arabian investment amounts to $2.5 billion besides $5 billion in mutual trade.
Wakil said establishing such committees comes within the government’s new strategy for modifying the investment climate through solving investors’ problems, activating the one-window system and applying a unified law for investments.
In mid-June, Abdel Nour announced that the ministry was set to establish three branches in Sohag, Gamasa and 6 October for the General Authority for Investment in 2014-15, Masrawy reported in June.
In the new system of investment, measures for establishing a new venture will take only three days, he added.