Page 17 - Issue-65
P. 17
Vol 1 - issue 65 ELITE
encourage remittances back. The a feasibility study to the General
availability of foreign currency is Authority for Investment and
important as well, if the foreign Free Zones, where 47 different
investor won’t be able to ministries and government
withdraw his profit and the agencies review the application.
domestic unable to import his A single rejection from any of
intermediate goods, then why these agencies can prevent the
would they invest in the first establishment of a private
place. Also, one of the main company. Last, the government
reasons is bureaucracy. should reach a compromise with
Bureaucracy is recognized as a the military that prevents the
major obstacle for investments. military from entering new
Establishing a new business in sectors and withdraws its control
Egypt can be exceptionally over land licenses. In exchange,
challenging due to the complex the government would not go
bureaucratic processes, licenses, near military assets. The solution
and paperwork involved. Private is not ideal, but better than a
investors are required to submit deadlock.
Source: Yazid Sayigh, Owners of the Republic
Sept. 2024, p.17
