25 February 2024 02:12 PM

Investment minister meets EP delegation

Tuesday، 09 February 2016 - 12:00 AM

Investment Minister Ashraf Salman met Elmar Brok visiting Chair of the European Parliament's Committee on Foreign Affairs and Head of the European Union Delegation in Cairo James Moran on Monday 8/2/2016.

Salman reviewed the government's efforts to set the business stage and the relevant legislative amendments introduced in the past period.

The Egyptian economy is free based on market mechanisms and equality between Egyptian, Arab and foreign investors, the minister said during the meeting, which was also attended by a delegation of EP consultants and experts and ministry officials.

He pointed to the ministry's cooperation with international financial and economic institutions, such as the Organization for Economic Cooperation and Development and the World Bank to carry out the single-window system aiming at fighting bureaucracy and reducing the time needed for issuing investment licenses.

A company now can be established in 72 hours, the minister said.

The economic reform program started to positively affect economic and investment indicators, he said, adding that the number of companies established monthly has risen to nearly 1,000 compared to 470 before the convention of the Egyptian economic conference (March 2015) and 860 after its convention.

The minister reviewed the main economic and investment features of the country's long-term 2030 plan aiming at reducing unemployment rates to 5%, while increasing economic growth rates and attracting more foreign direct investments.

Salman sheds light on the mega national projects adopted by the state, including the digging of the new Suez Canal, the development of ports and railways and the Suez Canal Corridor Development Project.

The delegation members, meanwhile, stressed the importance of youth engagement in the reform process and youth integration into economic activities.


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