Cabinet approves new investment law

Investment Minister Dalia Khorshid said the Cabinet - during its meeting Thursday under Prime Minister Sherif Ismail - 
unanimously approved the new investment law.

The law will be referred to the State Council for legal review. It will then be reviewed by the House of Representatives.

Khorshid said during a press conference at the Cabinet's headquarters that there has been keenness to reach the highest level of agreement of all ministries concerned on the law. 

She asserted all notes were included in the law, taking into consideration examples of laws in neighboring countries and incentives.

An agreement was reached with the Finance Ministry on the law which includes the state's strategy for modernizing the industry, according to Khorshid. 

The law will enable the state to lure more investments in the coming period, she said, adding the law will be internationally promoted in a move meant to attract foreign investments.

The government seeks to attract both direct and indirect investment, the minister said, adding no disagreements were made regarding the law, but they are just notes.