Cairo, Egypt – In a significant move aimed at attracting foreign investments, the Cabinet of Egypt has approved a draft law to amend provisions of the Importers Register Law (Law No. 121 of 1982). The amendment allows for the registration of foreign investors in the Importers Register, aligning with the state’s ongoing efforts to enhance foreign investment inflows.
The decision to amend the Importers Register Law comes in line with the directives issued by the President of the Republic during the meeting of the Supreme Council for Investment on May 16, 2023, which emphasized the importance of creating an attractive investment climate.
According to the proposed amendment, registration in the importers register will now be permitted for joint-stock companies, limited partnership companies, limited liability companies, or companies with non-Egyptian ownership exceeding 51%, or owned by Egyptians in an amount less than 51%. The registration period in the Importers Register will be limited to 10 years from the date of the law’s enforcement. However, it may be extended once, for a period not exceeding 10 years, based on a decision by the Council of Ministers upon the proposal of the relevant minister responsible for foreign trade.
The draft law amending the Importers Register Law will now proceed to the legislative process for further review and approval.