Cabinet oks new amendments to Importers Register Law to attract more FDI: Egypt

Cabinet oks new amendments to Importers Register Law to attract more FDI: Egypt

Egyptian cabinet has approved amendments to some provisions of Law No.121 of 1982, allowing foreign investors to be registered as importers for a term of up to 10 years, according to a statement on July 5th. The registry term shall not exceed 10 years and it can be extended for another term only once. Importer register is permitted for joint-stock companies, partnerships limited by shares, limited liability companies, or partnerships in which the stakes of partners are not owned by Egyptian or not less than 51%-owned by them. This step comes in line with the state’s efforts to attract further foreign direct investments (FDI). Copyright © 2022 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. ( Syndigate.info ).