The Egyptian government approved on Tuesday the executive plans for implementing the six-month initiative to encourage buying local products.
Cooperation deals were signed with Chile, Somalia, Equatorial Guinea and the US Trade and Development Agency
The new system aims to select companies, offer advantages and provide technical consultations.
Minister of Public Business Sector Hesham Tawfik said that the companies are working in many fields.
Nasr added that these amendments will have a positive effect, especially as some of the expected expansions are larger in size and value than projects already in place.
Egypt’s State Council is finalizing the revision of a draft law enhancing integrity and transparency at companies, said the deputy head of State Council.
The meetings took place during EGYPS 2019 Expo, said a statement by his ministry.
State-run Administrative Capital for Urban Development decided that foreign companies will manage and operate services inside the New Administrative Capital.
The minister clarified that the number of established companies reached 20,000 firms, with an increase of 29.1 percent compared to previous year.
Executive Director of the Council Maha Saleh affirmed that Automechanika is considered one of the world's biggest exhibitions for the automotive sector.
Mona Zobaa said GAFI launched a nationwide survey to follow up the statuses of the projects being conducted and highlight the hardships they are facing to overcome.
The minister added that debts to foreign companies are set to be fully paid by the end of 2019, hoping to pay them sooner.
“The total current economic cooperation portfolio between the two states amounts to €1.2 billion,” the minister said.
The total issued capital of the new companies is worth LE 4.3 billion, with a 106 percent increase, compared to LE 2.1 billion in May 2017, the ministry said in its monthly bulletin.
Ministry of Investment will launch an initiative for companies to participate in projects of social responsibility on June 30.
China will open up its economy further, and its door to the outside will only get wider.
A U.S. national security panel has ordered Broadcom to provide it with five business days’ notice before taking any action toward redomiciling to the U.S.
More than half of Japan’s companies do not plan to raise base pay in annual wage talks in coming months.
Australian Ambassador to Egypt Neil Hawkins said that Egypt has tremendous possibilities in the mining sector.
The new law abolishes prison sentences in bankruptcy cases and limits punishments to a monetary fine.