CAIRO: The Egyptian government hopes to attract $10 billion in direct foreign investment during fiscal year 2014-15 by applying economic reforms, according to Investment Minister Ashraf Salman in comments carried by Al-Watan late Sunday.
He boasted that during the last three quarters of the previous fiscal year, the Egyptian government succeeded in attracting $4.7 billion in direct foreign investment compared to $1.07 billion during the same period a year earlier.
Besides restructuring tax and subsidy systems and covering the budget deficit, the government is addressing comprehensive integration between ministries to speed up investments, said Trade Minister Mounir Fakhry Abdel Nour in late July, Al-Masry Al-Youm reported.
“For executing investment measures quickly, the government is working on applying the ‘One Window System’ and a unified investment law for investments as fast as possible,” he added.
With the system, the Trade Ministry in cooperation with the Ministry of Investment and the General Authority for Investment (GAFI) is set to establish “Contract Centers” at GAFI’s outlets for executing investment measures quickly.