National Investment Reform Agenda Workshop for Egypt

Cairo, 17 May 2006

The Ministry of Investment of Egypt in co-operation with the MENA-OECD Investment Programme organised a one day workshop to review progress on key issues of investment policy reform in Egypt on May 17th, 2006. This workshop featured high-level participation by Egyptian government officials, representatives of international organizations and private sector participants. Present were H.E. Mahmoud Mohieldin, Minister of Investment; Dr. Zyad Bahaa El Din, Chairman of GAFI; Mr. Ashraf Al Arabi, Senior Advisor to the Minister of Finance for Tax Policies; Dr. Hani Sarie El Din, Chairman, Capital Market Authority; and Mr. Richard Hecklinger, Deputy Secretary General of the OECD, as well as representatives of the European Commission, USAID and others. Private sector representatives such as the Arab Business Council and foreign investor organisations such as the American Chamber of Commerce in Egypt also attended and discussed current reforms with government representatives present.

The meeting evaluated the progress of investment policy reforms presented by H.E. Minister Mouhieldin at the Ministerial Meeting of the MENA-OECD Investment Programme on February 14, 2006, including one stop shop for investors, most recent tax law reforms, privatisation of state owned banks, and strengthening capital markets. Representing Egypt at the Ministerial Meeting of the MENA-OECD Investment Programme, H.E. Mahmoud Mohieldin has said that “Egypt’s ongoing investment climate reform, including in the areas of privitisation and capital markets, is responsible for increasing investment in Egypt and lifting the growth rate from 3 to 6%”.

The workshop was the first in a series of country-specific workshops, organised by the MENA-OECD Investment Programme, focusing on progress of in investment climate reform in the region. Egypt has taken over the regional Chairmanship of the Programme, which is an initiative of the Paris-based Organisation of Economic Cooperation and Development working with 18 MENA countries on mobilising foreign, regional and domestic investment.

Documentation

• Summary of Proceedings
• Agenda

• Press releases

Session 1:

• Establishing a Successful One-Stop-Shop
• Policy Framework for Investment

Session 2:

• Successfully Implementing a New Tax Law
• Principles of Good Tax Administration
• Link to OECD Tax Portal

Session 3:

• Reforming State Owned Banks
• OECD Guidelines on Corporate Governance of State-Owned Enterprises
• Privatising State-owned Enterprises: An Overview of Policies and Practices in OECD Countries

Session 4:

• Improving Capital Market Mechanisms
• OECD Work on Financial Market Reform

Presentations:

• "Tax Design Aiming to Encourage Foreign Direct Investment” by Mr.Ashraf Al Arabi - Egyptian Ministry of Finance
• "The GAFI One-Stop-Shop", by Dr.Ziad Bahaa Eldin, GAFI
• "The Asset Management Program", by Ms. Naglaa, Ministry of Investment, Egypt 
• "MENA Regional Tax & Financial Management Training Center", by Mr. Ashraf Al Arabi, Senior Advisor to the Minister on Tax Policies
• "Indo Egyptian Fertalizer Company SAE", by Mr. Chandra P. Srivastava, CEO, Indo Egyptian Fertilizer 
• "Hawkamah Institute for Corporate Governance", by Dr. Nasser Saidi Executive Director, Hawkamah ICG, DIFC
• "Improving Capital and Financial Markets Efficiency", by François-Jude Pépin, USAID Egypt Financial Services project
• "Pros & Cons of Privatization in Egyptian Banking System" by Dr. Dr. Fouad Shaker, Secretary General, Union of Arab Banks
• "The MENA Center for Investment" by Ms.Hana Kanoo, Center Co-ordinator, EDB, Bahrain
• "Enhancing Market Integrity and Taxation", by Mr. Terence Murdoch, USAID
• "Capital Markets in Egypt" , by Mr. Yosuke KAWAKAMI, OECD   

For further information regarding Investment in Egypt, please refer to:

• Egypt Investment Portal 
• General Authority for Investment and Free Zones (GAFI)