{"id":589829,"date":"2023-07-10T00:00:00","date_gmt":"2023-07-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/10\/house-gives-approval-to-fresh-investment-incentives-new-east-port-said-port-terminals\/"},"modified":"2023-07-10T00:00:00","modified_gmt":"2023-07-10T00:00:00","slug":"house-gives-approval-to-fresh-investment-incentives-new-east-port-said-port-terminals","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/10\/house-gives-approval-to-fresh-investment-incentives-new-east-port-said-port-terminals\/","title":{"rendered":"House gives approval to fresh investment incentives + new East Port Said port terminals"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span> <\/span><span style=\"font-weight:700\">It was an FDI-themed day in the House yesterday. <\/span><span>Here\u2019s the rundown:<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#1- House approves amendments aimed at boosting FDI:<\/span><span> The House of <\/span><span>Representatives yesterday gave preliminary approval to amendments to the 2017 Investment Law that lawmakers hope will help attract more foreign direct investment. The amendments were <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c42300ba-c8d0-46a8-9163-74d189a26690\" style=\"\">approved<\/a><\/span><span style=\"font-weight:400;\"> by the House Economic Affairs Committee last Wednesday.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The details: <\/span><span>The proposed amendments will allow projects predating the 2017 bill to benefit from incentives and expand the variety of projects eligible for a single approval, known as the \u201cgolden license.\u201d <\/span><span>Th<\/span><span>ey aim to attract investment to sectors including \u201coil processing, fertilizers, iron and steel, LNG transport, and energy-intensive industries,\u201d said Mohamed Abdel Hamid, deputy chair of the House Economic Committee.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Some MPs are happier than others:<\/span><span> \u201cThese investment reforms might have come late but this is much better than never coming at all,<\/span><span>\u201d said Wafd Party Rep. Ayman Mehasseb. Egyptian Social Democratic Party Rep. <\/span><span>Maha <\/span><span style=\"font-weight:400;\">Abdel Nasser was less positive: \u201cThis is another cut-and-paste amendment of the investment law and I wonder how we will be able to implement this bill while we have so far failed to translate the state ownership policy document into fact on the ground,\u201d she said. \u201cThe new amendments will not have any positive impact as long as we have two exchange rates for the USD on the local market,\u201d she added.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REFRESHER- <\/span><span>The amendments are part of 22 measures <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3816fe9-2abf-4b6c-91ce-680ea72e2d1b\" style=\"\">put forward<\/a><\/span><span> by the Supreme Investment Council in May aimed at improving the business environment for the private sector by increasing transparency and competition. <\/span><span>The government is aiming to attract USD 40 bn in private investment by 2026 as it looks to increase the private sector\u2019s economic footprint, and to increase exports <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/158188ff-65a9-4146-adc1-5f53c1a3f6e5\" style=\"\">to USD 100 bn a year<\/a><\/span><span> by the middle of the decade. Improving the business climate is also a key condition of our <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b830c254-a0f9-4b88-a1d6-42293fc416b1\" style=\"\">stalled<\/a><\/span><span style=\"font-weight:400;\"> USD 3 bn loan program with the IMF.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What next? <\/span><span style=\"font-weight:400;\">Yesterday\u2019s vote was preliminary approval only. MPs will need to pass the bill in a final plenary vote today or tomorrow. If they don\u2019t do so before going on break tomorrow, it will slip to the fall session. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#2- MPs gave final approval to two bills allowing for the <\/span><span style=\"font-weight:700\">USD 565 mn <\/span><span style=\"font-weight:700\">redevelopment of the East Port Said port.<\/span><span> The first bill allows the Suez Canal Economic Zone <\/span><span>to hand a 30-year contract to Sky Logistics and Reliance Logistics to design, construct, manage, operate and maintain a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/62ab9cb5-220a-4f30-b830-9c8b09134131\" style=\"\">new multi-purpose terminal<\/a><\/span><span> worth USD 65 mn at the port. The second bill paves the way for Maersk\u2019s Suez Canal Container Terminal to start work on a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/458ecb73-0cc1-4a59-8962-eacb4602b09d\" style=\"\">USD 500 mn container terminal<\/a><\/span><span>. Both bills got the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/33e9d3bf-8468-4f46-a38f-4e4ab0370bee\" style=\"\">greenlight from the House Economic Affairs Committee<\/a><\/span><span style=\"font-weight:400;\"> last week.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Export hub ambitions: <\/span><span>\u201cThe two bills are part of the government\u2019s efforts aimed at upgrading Egyptian ports and turning them into international logistical centers and supply chain hubs,\u201d <\/span><span>Mostaqbal Wata<\/span><span style=\"font-weight:400;\">n Rep. Kamaleddin El Shafie said. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Investment Law amendments target more FDI to oil and gas, fertilizers, metals sectors<\/p>\n","protected":false},"author":1,"featured_media":589830,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7344],"tags":[1106,72,103,274,125,187,416],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-589829","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-east-port-said","tag-enterpriseam","tag-fdi","tag-house-of-representatives","tag-investment-watch","tag-legislation-watch","tag-suez-canal-economic-zone","wpautop","entry"],"acf":{"mongo_id":"349b1ab0-9cc4-4932-9454-cf9abaf2b3de","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/287.jpg","photo_position":"above","homepage_title":"House gives approval to fresh investment incentives","full_issue_title":"Egyptian House of Representatives gives preliminary approval to fresh investment incentives, East Port Said port terminal contracts","related_issue":[589822],"teaser":"Investment Law amendments target more FDI to oil and gas, fertilizers, metals sectors","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/7\/.6670403d-d943-4ea6-aac1-fcfbfbe4b8c6.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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