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Egypt working on new law to attract more FDI - PM

Egyptian Prime Minister Eng. Ibrahim Mahleb
Egyptian Prime Minister Eng. Ibrahim Mahleb
CAIRO, Nov 22 (KUNA) -- Egyptian Prime Minister Eng. Ibrahim Mahleb said Saturday his government is working out new legislations to attract more foreign direct investment (FDI) particularly from sisterly Arab countries such as Saudi Arabia.
During his meeting with a Saudi business delegation this evening, Mahleb reviewed the latest political and economic developments in Egypt and commended the exemplary ties with the Kingdom of Saudi Arabia.
The meeting was attended by Egyptian Minister of Investment Ashraf Salman, chairman of the Federation of Egyptian Industry and Saudi ambassador to Egypt.
Mahleb affirmed that Egypt is undergoing a delicate and challenging stage that requires concerted efforts to restore stability and prod the economic growth.
He expressed gratitude to Saudi Arabia and King Abdullah bin Abdulaziz Al Saud for supporting Egypt in the wake of June 30 revolution.
He reaffirmed commitment to the realization of the objectives of the roadmap for the future including the holding of parliamentary elections and overcoming the challenges of the transitional stage.
"There is an economic roadmap in parallel lines with the political one which was unanimously approved by all Egyptian people," he said.
"Foremost among the objectives of the economic roadmap are the legislative and administrative reforms aiming to cut the red tape, combat corruption and promote transparency," he pointed out.
Mahleb added that the recently-formed higher committee on legislative reforms is working on new laws to promote investment, increase the FDI and solve the problems facing investors as early as possible.
On their part, the Saudi business leaders thanked their host for his recent directives to solve the problems of their investments in Egypt.
They said these decisions will help expand their successful investments in such areas as communication and information technology in the coming period. (end) aff.gb