Will new law attract more foreign investment to Egypt?
Experts say drafting a new investment law is not enough to lure foreign investors back to Egypt — the entire business climate will need to change.
Egypt has finally come out with the much-anticipated new investment law, raising debate among economists about whether the amendments introduced to the law would lure more foreign direct investment (FDI) to the country.
The new draft law, released by the Ministry of Investment at the end of December 2016, included a number of incentives that decision-makers hope will help draw in more investments and create an attractive business climate.
According to the Ministry of Investment data, foreign direct investments grew by 49.3% to $6.9 billion in 2015, up from $4.6 billion a year earlier.
Since its issuance late last year, the law has been bogged down in discussions between economists and investors who believe that the new law has brought long-awaited amendments to many of its articles.
