Investment Minister Ashraf Salman said that the government had made significant progress in resolving investment disputes, by ensuring that the draft law on investment, as well as other legislation, would help create a more encouraging environment for investors.
Speaking during EFG Hermes’s annual MENA one-on-one conference on Monday, Salman said his government had been “working on multiple fronts to create a more favorable investment climate.”
He said that a panel led by Prime Minister Ibrahim Mehleb has managed to resolve 11 out of 25 major investment disputes, while his ministry was able to address 259 out of 359 in the past six months.
“We are really working fast on this front and the new investment law includes a full mechanism for dispute resolution," said Salman, according to an EFG Hermes statement.
The minister said that the long-awaited investment law was not the only legislative tool the government would apply to improve the investment sector.
“It would be a mistake, he suggested, to focus only on the investment law rather than the full basket of pro-growth legislation on which the government is working, including laws on labor, energy, mining and microfinance’, he said, pointing to government efforts to lay down what he described as “a clear tax strategy with fixed taxation for a 10-year period rather than providing a system of tax incentives to lure new investors.”