Egyptian parliament, the People's Assembly, has recently approved an investment law for attracting international companies, Egypt’s official News Agency, MENA, reported.
The law was adopted on the basis of a report by a joint parliamentary committee on the draft law on investment guarantees and incentives, enacted by virtue of law No. 8 of the year 1997.
The draft law provides tax reductions and exemptions for up to 20 years for investors in priority sectors such as infrastructure, oil field services, tourism, manufacturing and all export-oriented activities.
The approved law allows the government to give renowned international companies additional incentives for them to base essential production and export-oriented operations in Egypt.