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Monday, 19 December 2016

Trade ministry wants proposed Investment Act to drop one-stop shop

The Trade and Industry Ministry apparently wants the new Investment Act to drop the one-stop shop. Ministry officials tell Al Masry Al Youm that the proposed bill would conflict with the recently passed State Lands Act, which gives the Industrial Development Authority the right to allocate and privatize land to investors without going through the General Authority for Free Zones and Investment. One-stop shop policy had in the past drawn the ire of other ministries and the private sector for slowing down the process of tendering of land to investors.

Meanwhile, the Federation of Egyptian Industries claims it hasn’t seen a draft of the proposed law. The head of the FEI’s investment committee told the newspaper that the organization only received a basic outline of the law and not the law itself. We’re not taking the FEI’s claim terribly seriously: Other business associations have released notes on the draft. In fairness to the ministry, the FEI rejected Dalia Khorshid’s bill from the word “go” and has been lobbying hard to bring back the pre-2015 investment act.

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