Egx trading system

Clan Party 8211 Out Now It1717s Party Time Excellent Pembaruan Clan Party baru kami telah tiba, bersamaan dengan itu beberapa kualitas perbaikan kehidupan terbesar di Robocraft to date Semua frustrasi yang mungkin pernah Anda alami saat berpesta dengan teman telah ditangani dan Seluruh proses telah menjadi jauh lebih mulus Ada juga beberapa tambahan besar di sana juga, seperti beberapa perbaikan besar pada sistem Premium dan bahkan rangkaian Kartu Perdagangan Uap lainnya Jadi ambil teman Anda dan Pesta Di 8212821282128212821282128211 NEW 8212821282128212821282128211 NEW PARTY SYSTEM Fancy widget pesta baru Memberi Anda semua info yang Anda butuhkan tentang pesta Anda. Widget pesta menunjukkan kepada Anda saat pemain yang diundang belum menerima undangan Anda, telah menerimanya dan bergabung, dan saat mereka mengantri untuk menghadiri acara pesta pertempuran seperti diundang atau anggota bergabung akan Sekarang muncul di panel obrolan Anda sekarang dapat mengundang pemain ke pesta dengan mengklik kanan nama mereka di daftar teman atau daftar klan Anda f Slot pihak ketiga dan kelima tidak lagi terkunci di belakang premium Semua orang dan siapapun bisa masuk ke dalam 5 orang pihak kapan pun mereka mau. PERUBAHAN PREMI Harga daur ulang meningkat sebesar 3x sementara Anda memiliki Premium Opsi 6 bulan untuk premium telah diganti dengan opsi Life Time dan harga 49.99 (USD) 34,99 (GBP) 44,99 (EUR). Suara Penjualan TV TV yang Tepat Untuk harga rendah rendah 49,99 Anda dapat memiliki premi untuk selamanya. KARTU TRUK PERDAGANGAN TIDAK tahu apa itu Kartu Perdagangan Uap Pertama klik di sini untuk mempelajari lebih lanjut tentang mereka Sistem Perdagangan Uap Robocraft8217s akan mencakup: 8 Kartu Perdagangan 6 Latar Belakang 10 Emoticon 6 Lencana Sebagai Robocraft adalah game F2P, Anda akan mendapatkan Kartu Perdagangan dengan mengeluarkan uang dalam game (satu lencana per9 sesuai dengan FAQ resmi Steam8217) Catatan penting: Ini hanya mencakup uang yang dikeluarkan melalui dompet uap. Setiap pembelian yang dilakukan tanpa dompet Uap tidak akan membantu Anda maju menuju Kartu Perdagangan. 8212821282128211 PERUBAHAN 8212821282128211 Sekarang Anda bisa klik kanan pada avatar Anda sendiri untuk mengubahnya Beberapa pengoptimalan pesta umum Memoles dan mengoptimalkan layar drop peti mati Memperbaiki paruh kaki Mech Banyak pemain tidak menyadari bahwa Anda dapat mengedit deskripsi klan jika Anda memiliki peringkat yang cukup tinggi, jadi Elemen visual telah ditambahkan untuk membuatnya lebih jelas Perbaikan telah dilakukan untuk membuat obrolan lebih mudah dibaca Tutorial panah sekarang animasi Tingkat daur ulang baru untuk komponen epik telah dikurangi dari 40 menjadi 25 untuk menyesuaikan tingkat daur ulang Legendaris dan Langka dan untuk menghindari Tak terbatas-melampiaskan pelecehan dengan menjual komponen epik pada 120 tingkat daur ulang dengan premi 8212821282128212821282128211 BUG FIXES 8212821282128212821282128211 Sekarang Anda dapat mengklik kanan avatar Anda sendiri untuk mengubahnya Memperbaiki bug yang mengaburkan beberapa krat penyelamatan saat menggunakan resolusi 800215600 Memperbaiki bug yang menyebabkan panel obrolan Pada akhir pertempuran menjadi pudar, memaksa Anda untuk mengkliknya kembali untuk mengirim pesan Tetap Sebuah bug yang menghentikan pemain di Pit untuk dikeluarkan dari papan skor saat mereka meninggalkan pertempuran awal Memperbaiki bug yang pada kesempatan langka menyebabkan kaki mech melepaskan diri dan berantakan Memperbaiki bug yang menyebabkan tombol CRF tetap putih setelah Membeli robot Memperbaiki bug yang menyebabkan pesan kesalahan Anda tidak memiliki bot jika Anda mencoba untuk bergabung dalam pertempuran saat melihat robot di CRF Memperbaiki bug yang menyebabkan pemain bergerak melalui medan seolah tidak mengalami benturan jika mereka meninggal saat berkedip. Fixed the Chain Shredders connection points, sebagai salah satu dari mereka bukan sebuah titik koneksi nyata Fixed the Dwarf Spike Plates glow color Memperbaiki bug yang menyebabkan kursor chat berkedip muncul dalam nama saluran saat bergabung atau meninggalkan saluran Memperbaiki bug yang meninggalkan Clan chat channel tersedia setelah meninggalkan clan Fixed bug yang gagal menampilkan warna merah. Saat diajak ke klan, jika Anda sedang offline pada saat mengundang Fixed bug yang menyebabkan Sprinter Legs tenggelam ke tanah saat digunakan dengan Kaki Serangga untuk alasan apapun Anda mungkin melakukan itu. Anda melakukannya Anda Memperbaiki bug yang menyebabkan robot dengan kedua versi Sprinter Leg kehilangan kemampuan mereka untuk meneruskan lompatan Recent Posts Blog CategoriesXenoblade Chronicles X Xenoblade Chronicles X. Dikenal di Jepang sebagai XenobladeX (, Zenobureido Kurosu secara harfiah Xenoblade Cross), adalah game yang dikembangkan oleh Monolith Soft dan diterbitkan oleh Nintendo untuk konsol Wii U. Ini diumumkan di bawah judul tentatif X di Nintendo Direct pada bulan Januari 2013. Sebelum pertunjukan E3 2014, sedikit yang diketahui tentang permainan selain itu mengikuti gaya Xenoblade Chronicles yang serupa dalam gaya tempur dan tema eksplorasinya. Ini dirilis pada tanggal 29 April 2015 di Jepang dan pada tanggal 4 Desember 2015 di Amerika Utara dan Eropa. Selama E3 2014, demo game Nintendo Treehouse termasuk komentar yang menunjukkan bahwa itu lebih merupakan penerus spiritual dari Xenoblade Chronicles. Seolah-olah mempertahankan namanya dan akan mengandung spesies Nopon dan Telethia dari Xenoblade Chronicles dan juga sejenis robot yang mirip dengan Mechon. Cerita yang belum terungkap menunjukkan sedikit koneksi langsung. Demo Treehouse juga menyarankan agar Xenoblade Chronicles X akan mempertahankan beberapa gagasan filosofis dari Xenoblade Chronicles. Serta game Xeno lainnya (Xenogears dan Xenosaga). Kategori Menurut Nintendos E3 2014 Xenoblade Chronicles Fitur gameplay halaman X meliputi: Menyesuaikan segala sesuatu tentang tampilan karakter utama, termasuk jenis kelamin, bentuk, tinggi, warna kulit, suara dan tato. Beberapa, kelas karakter yang dapat dipilih Kemampuan untuk naik dan mengendalikan mechs senjata raksasa, yang dikenal sebagai Skells. Sebuah dunia terbuka besar, yang semuanya dieksplorasi. Xenoblade Chronicles X memiliki banyak mekanika gameplay serupa dengan Xenoblade Chronicles. Seperti kebebasan untuk menjelajahi dunia, kemampuan untuk berlari ke mana pun Anda dapat melihat dari kejauhan, dan kembalinya sistem pertarungan Seni yang melibatkan serangan otomatis dan timer pendinginan untuk setiap Seni. Game ini juga memperkenalkan mechs raksasa dengan judul Skells, sebuah nama yang diberikan dari kata exo-skelleton, yang keduanya dapat digunakan dalam pertempuran dan untuk perjalanan eksplorasi. Skells memiliki jumlah bahan bakar terbatas yang dapat dipulihkan dengan harga tertentu, atau perlahan diregenerasi saat Skell tidak digunakan. Alih-alih mengikuti kelompok karakter preset seperti di Xenoblade Chronicles. Penerus ini memperkenalkan kemampuan untuk menyesuaikan karakter Anda sendiri dan menamainya di awal permainan. Koleksi tersebar di seluruh dunia game, beberapa bertindak sebagai item quest, dan musuh menjatuhkan armor dan senjata yang bisa diperlengkapi karakter. Karakter bisa melompati rintangan. Hal itu menunjukkan bahwa tidak ada kerusakan yang jatuh dalam game ini di aliran Nintendo Treehouse. Pertempuran melibatkan tempur waktu nyata di mana senjata untuk serangan jarak jauh dapat diaktifkan agar pisau bisa menyerang dari jarak dekat, dan ini dapat dilakukan dengan segera dan sesering yang diperlukan. Karakter akan menyerang secara otomatis saat berada dalam jangkauan, namun Battle Arts, yang memiliki waktu cooldown setelah digunakan dan serangan lebih kuat atau memiliki kemampuan khusus, digunakan. Ada juga kemampuan Soul Voice, mirip dengan Xenoblade Chronicles Affinity yang mendongkrak, memberikan bonus karakter seperti dorongan kesehatan jika dipastikan persyaratannya dipenuhi pertengahan pertempuran. Sistem TP juga terlibat di mana sebuah seni memerlukan jumlah TP, yang diperoleh dari serangan otomatis. Jika karakter kehabisan HP, sekutu dapat menghidupkannya kembali dalam waktu 30 detik jika cukup TP disimpan, atau pemain dapat memilih untuk memulai kembali dari pos terdekat dengan segera. Jika pemain tidak bisa dihidupkan kembali dalam 30 detik itu, pertarungan masih bisa dimenangkan jika anggota tim lain mampu mengalahkan musuh sebelum 30 detik habis. Sebuah bentuk multiplayer diisyaratkan pada rekaman awal permainan, namun E3 2014 tidak mengungkapkan konfirmasi gameplay tersebut. The Monolith Soft Japanese Trailer yang dirilis pada tanggal 6 Februari 2015, mengungkapkan mode permainan online empat pemain untuk beberapa pencarian khusus, dan hingga 32 pemain untuk komunikasi online (chat dalam game), fungsi perdagangan barang dan fungsi berbagi informasi. Janji-janji ini ditegakkan saat merilis game Characters Development Saat ini belum diketahui kapan pengembangan dimulai untuk game tersebut. Namun, diasumsikan bahwa game tersebut mulai dikembangkan sekitar tahun 2010, setelah rilis Xenoblade Chronicles di Jepang, dan sebelum Januari 2013, saat game tersebut pertama kali diungkap. Koh Kojima sebagai sutradara dan perancang game Tetsuya Takahashi sebagai direktur eksekutif Hitoshi Yamagami sebagai produser Shingo Kawabata sebagai produser Kunihiko Tanaka sebagai perancang karakter Hiroyuki Sawano sebagai komposer soundtrack Yuichiro Takeda sebagai penulis plot Kazuho Hyodo sebagai penulis naskah Kouichi Mugitani sebagai desainer Takayuki Yanase sebagai desainer Skell Yasushi Suzuki Sebagai perancang mechar Raita Kazama sebagai NPC alien dan perancang mode primitif Yoko Tsukamoto sebagai ilustrasi karya seni Takashi Kojo sebagai perancang musuh Fumihiro Katagai sebagai perancang grafis RARE ENGINE sebagai ilustrator Hideyuki Matsumoto sebagai senjata dan perancang gadget New Los Angeles Kusanagi Company sebagai desainer latar belakang Shojiro Nakaoka dan Sound Racer sebagai produsen efek suara Paket Data Untuk pembeli disk fisik, waktu muat dapat ditingkatkan dengan memasang satu atau beberapa paket data pilihan pada memori internal Wii Us atau drive USB, yang memungkinkan permainan melewati drive optik yang lebih lambat. Paket data ini tidak menambahkan konten baru, dan tidak memberi manfaat bagi pembeli edisi eShop permainan. Paket data tersedia gratis di Wii U eShop, dan bisa didownload setelah membeli game. Memasang keempat bungkus membutuhkan 10 GB ruang. Dalam urutan prioritas yang direkomendasikan, paket paket dasar (2,0 GB) Paket musuh (2,9 GB) Paket pemain (3,8 GB) Paket skell (1,6 GB) Edisi permainan eShop memerlukan penyimpanan 22,8 GB. Permainan menampilkan resolusi native 1280x720 (720p) dibatasi pada 30fps. Permainan tidak memiliki pencahayaan yang dinamis. Sebaliknya, ia memiliki bayangan statis yang memudar saat malam tiba. Barang dagangan Beberapa produk dasi telah atau akan dilepaskan. Ini termasuk: Bundel Wii U Paket Edisi Terbatas Eropa Edisi spesial Amerika Utara Edisi khusus juga akan dirilis di Amerika Utara, termasuk: Buku seni yang berisi ilustrasi lebih besar daripada buku seni di Jepang, serta lebih banyak ilustrasi. Soundtrack digital, tersimpan di USB dengan desain Lifehold khusus. Kartu seni kusut Sebuah cover game reversibel dengan seni yang serupa dengan yang ada di artbook and art card Permainan ini akan memiliki panduan strategi edisi kolektor yang dibuat oleh game Prima. Ada model Formula Skell yang tersedia. Pra-Rilis dan ContentU. S. Departemen Luar Negeri Setelah satu tahun melakukan reformasi ekonomi, Mesir ingin dunia tahu bahwa itu terbuka untuk bisnis dan siap untuk investasi. Negara tersebut telah berkumpul di sekitar presiden terpilih yang, dengan bantuan sebuah kabinet ekonomi teknokratis, telah menunjukkan kemauan untuk membuat keputusan ekonomi yang sulit, termasuk memotong subsidi bahan bakar hingga 30 persen dan mendevaluasi pound Mesir. Reformasi investasi yang direncanakan akan dimulai termasuk pengenalan pajak PPN, proses kebangkrutan yang disederhanakan, undang-undang perusahaan, amandemen undang-undang pasar modal, undang-undang asuransi baru, dan kerangka pengelolaan lahan. Selain itu, pada bulan Maret 2015, negara ini menyelenggarakan Konferensi Pembangunan Ekonomi Mesir (EEDC), menyatukan kepala eksekutif negara dan multinasional untuk memamerkan agenda reformasi Egyptrsquos, menyoroti investasi luar negeri USD 36 miliar, dan menawarkan pidato oleh menteri yang menegaskan Komitmen pemerintah terhadap reformasi ekonomi. Konferensi tersebut diterima dengan baik dan menghasilkan umpan balik positif dari banyak investor yang hadir, memberikan momentum kepada Mesir karena berupaya mengatasi tantangan ekonomi serius yang mencakup tingginya tingkat pengangguran kaum muda, sistem pendidikan yang lemah, ketidakseimbangan fiskal, dan kekhawatiran valuta asing yang terus berlanjut. Pemerintah telah membuat kemajuan dalam peta jalan yang diadopsi pada bulan Juli 2013, meratifikasi sebuah konstitusi baru pada bulan Januari 2014 dan mengadakan pemilihan presiden pada bulan Mei 2014. Pemilu parlemen telah ditunda berulang kali dan diperkirakan pada musim gugur 2015. Mesir tetap bergantung pada miliaran dolar Bantuan dari negara-negara Teluk untuk memberikan bantuan ekonomi sementara dan meningkatkan cadangan devisa. Mesir menghormati hukum, perjanjian, dan perjanjian dagangnya. Ini merupakan bagian dari 112 perjanjian investasi bilateral dan merupakan anggota Organisasi Perdagangan Dunia (WTO), Pasar Bersama untuk Afrika Timur dan Selatan (COMESA), dan Kawasan Perdagangan Bebas Arab Raya (GAFTA). Di banyak sektor, tidak ada perbedaan hukum antara investor asing dan domestik. Persyaratan khusus ada untuk investasi asing di sektor-sektor tertentu, seperti pengembangan hulu minyak dan gas, di mana usaha patungan dibutuhkan. Ada juga tantangan hukum baru-baru ini terhadap privatisasi mantan perusahaan milik negara (BUMN). Mesir memiliki beberapa program yang dimaksudkan untuk menarik investasi asing langsung ke zona ekonomi dan perdagangan khusus. Otoritas Umum untuk Zona Investasi dan Zona Bebas (GAFI) menerapkan kebijakan dan prosedur Egyptrsquos untuk memfasilitasi melakukan bisnis, termasuk menjaga Egyptrsquos ldquoone-stop shoprdquo bagi investor. Kode pajak Mesir menghitung pendapatan pribadi dan keuntungan perusahaan untuk orang asing dan warga negara pada tingkat marjinal maksimum sebesar 25 persen. Menteri Keuangan baru-baru ini menyatakan bahwa suku bunga ini akan turun menjadi 22,5 persen. Pada tahun 2015, Indeks Doing Business Doing Business Bank peringkat Mesir 112 dari 185 negara. Hambatan yang signifikan terhadap investasi ada. Investor melaporkan ada penundaan sampai beberapa bulan untuk transfer valuta asing yang sah untuk dieksekusi, meski ketersediaan devisa membaik. Aturan ketenagakerjaan mencegah perusahaan mempekerjakan lebih dari 10 persen orang non-Mesir (25 persen di Zona Bebas), dan orang asing tidak diizinkan untuk mengoperasikan perserikatan tunggal atau kemitraan sederhana. Kurangnya perlindungan terhadap hak kekayaan intelektual (HKI) merupakan rintangan yang signifikan di sektor-sektor tertentu untuk mengarahkan investasi di Mesir, yang tetap berada di Daftar Urutan 301 Perwakilan Khusus Perindustrian Luar Negeri. Perusahaan asing yang ingin melakukan impor untuk tujuan perdagangan harus melakukannya melalui importir barang-barang milik orang Mesir. Mesir adalah penandatangan perjanjian arbitrase internasional, namun pengadilannya tidak selalu mengakui keputusan asing. Resolusi sengketa lambat, dengan waktu untuk mengadili kasus sampai selesai rata-rata tiga sampai lima tahun. Hambatan lain terhadap investasi meliputi birokrasi yang berlebihan, kompleksitas peraturan, ketidaksesuaian antara keterampilan kerja dan permintaan pasar tenaga kerja, prosedur pabean yang lambat dan tidak praktis, dan hambatan perdagangan non-tarif. Orang bisnis mengeluh bahwa banyak pejabat pemerintah enggan membuat keputusan, yang berdampak negatif terhadap aktivitas bisnis. 1. Keterbukaan, dan Pembatasan Atas, Sikap Investasi Asing terhadap Penanaman Modal Asing Pemerintah Mesir telah mengumumkan investasi, termasuk investasi asing, merupakan prioritas utama. Kabinet teknokrat ekonomi Sisirsquos menteri ekonomi telah mendukung kebijakan ini melalui serangkaian reformasi pro-bisnis baru-baru ini, termasuk undang-undang perpajakan kontrak pihak ketiga yang melarang campur tangan pihak ketiga dalam kontrak investor-negara menjadi undang-undang persaingan dan sebuah keputusan presiden yang mengubah Undang-Undang Investasi 1997 Mesir. Memangkas bea cukai, memperluas perlindungan kerudung perusahaan, membentuk forum tambahan untuk sengketa negara investor, dan menetapkan fondasi untuk toko pendaftaran bisnis satu atap sejati. Tambahan reformasi mendatang yang dijanjikan oleh pemerintah mencakup pajak PPN, proses kebangkrutan yang disederhanakan, undang-undang perusahaan, amandemen undang-undang pasar modal, undang-undang asuransi baru, dan kerangka pengelolaan lahan. Pada bulan Maret 2015 Mesir menyelenggarakan sebuah konferensi investasi besar, Konferensi Pembangunan Ekonomi Mesir (EEDC). Konferensi tersebut menyoroti reformasi dan investasi yang akan datang dan dipandang oleh banyak orang sebagai penegasan kebijakan pro-investasi baru di negara tersebut. Tinjauan Kebijakan Investasi Lainnya Baik Organisasi Kerjasama Ekonomi maupun Pembangunan atau Organisasi Perdagangan Dunia atau Konferensi Pembangunan Perdagangan Perserikatan Bangsa-Bangsa telah melakukan peninjauan kebijakan investasi di Mesir dalam tiga tahun terakhir. Undang-Undang tentang Penanaman Modal Asing Pada tahun 2015, Mesir mengeluarkan Keputusan Presiden 172015, mereformasi banyak undang-undang terkait investasi Mesir, termasuk undang-undang perusahaan, undang-undang penjualan umum, undang-undang jaminan investasi dan insentif, dan undang-undang pajak penghasilan. Keputusan tersebut menyempurnakan sistem one-stop shop Egyptrsquos, yang menyatakan bahwa Kementerian Investments GAFI akan berfungsi sebagai penghubung antara investor dan instansi pemerintah saat mengajukan izin usaha. Toko satu atap masih harus diimplementasikan dan pada bulan April 2015, Menteri Investasi menyatakan bahwa implementasi penuh bisa memakan waktu sampai 18 bulan lagi. Selain itu, keputusan tersebut menawarkan insentif non-pajak kepada investor di sektor atau wilayah tertentu. Ini juga menawarkan mekanisme baru untuk penyelesaian sengketa investasi dan perlindungan kerahasiaan perusahaan yang lebih baik yang melindungi eksekutif senior dari tuntutan hukum. Akhirnya, keputusan tersebut membatasi perluasan zona bebas dan memberi kabinet hak eksklusif untuk memilih bidang investasi di zona bebas yang bergantung pada strategi ekonomi statersquos. Undang-Undang Insentif Investasi 1997 dirancang untuk mendorong investasi domestik dan asing di sektor ekonomi yang ditargetkan dan untuk mempromosikan desentralisasi industri jauh dari Lembah Nil. Undang-undang tersebut mengizinkan 100 persen kepemilikan asing atas proyek investasi dan menjamin hak untuk mengirimkan pendapatan yang diperoleh di Mesir dan untuk memulangkan modal. Ketentuan utama lainnya termasuk: jaminan terhadap penyitaan, penyerapan, dan nasionalisasi hak untuk memiliki tanah hak untuk memelihara rekening bank mata uang asing bebas dari keterikatan administratif hak untuk memulangkan modal dan keuntungan dan perlakuan yang sama tanpa memandang kewarganegaraan. Undang-undang 94 tahun 2005 telah mengubah Undang-Undang Insentif Investasi 1997 dan membuat perusahaan-perusahaan yang tergabung di dalamnya tunduk pada penggabungan yang relatif sederhana. Perusahaan juga memberikan perusahaan-perusahaan yang didirikan berdasarkan Undang-undang Perusahaan atau Undang-undang Komersial mengenai insentif tertentu, termasuk perlindungan dari nasionalisasi, pengenaan harga wajib, dan pembatalan atau penghentian lisensi untuk menggunakan harta tak gerak. Perusahaan juga memberi hak kepada perusahaan untuk memiliki real estat yang diperlukan untuk kegiatan mereka dan hak untuk mengimpor bahan baku, mesin, suku cadang, dan metode transportasi tanpa diminta untuk mendaftar di Register Importir. Undang-undang Perusahaan 159 tahun 1981 berlaku untuk investasi dalam dan luar negeri di sektor-sektor yang tidak tercakup dalam Undang-Undang Insentif Investasi, baik itu pemegang saham, saham gabungan, atau perseroan terbatas, kantor perwakilan, atau kantor cabang. Undang-undang tersebut mengizinkan pendaftaran perusahaan otomatis pada saat presentasi aplikasi ke GAFI, dengan beberapa pengecualian. Ini juga menghapus persyaratan hukum sebelumnya bahwa setidaknya 49 persen pemegang saham menjadi orang Mesir, memungkinkan perwakilan asing 100 persen di dewan direksi, dan memperkuat standar akuntansi. Undang-undang No. 89 tahun 1998 mewajibkan pemerintah untuk mempertimbangkan harga dan nilai terbaik dalam pemberian kontrak dan mengeluarkan penjelasan untuk menolak suatu penawaran. Namun, undang-undang tersebut berisi preferensi untuk kontraktor domestik Mesir, yang diberi prioritas jika tawaran mereka tidak melebihi tawaran asing terendah lebih dari 15 persen. Hukum Pasar Modal 95 tahun 1992 dan amandemennya mengatur pasar modal Egyptrsquos. Investor asing dapat membeli saham di Bursa Efek Mesir dengan basis investor lokal yang sama. Perusahaan pialang memiliki persyaratan modal sebesar LE 5 juta (USD 656,200), dan perdagangan hari yang sama di pasar saham Mesir diperbolehkan. Sampai dengan bulan Januari 2011, 47 perusahaan pialang memiliki lisensi untuk perdagangan sehari-hari atau intra-hari yang sama. Undang-Undang Nomor 123 Tahun 2008 mengubah Undang-Undang Pasar Modal untuk memungkinkan institusi lokal dan asing menerbitkan obligasi dengan nilai nominal LE 0.10 (USD 0,0131). Keputusan No. 719 untuk tahun 2007 oleh Menteri Perindustrian dan Perdagangan Luar Negeri dan Kementerian Keuangan memberikan insentif bagi proyek industri di gubernur Mesir Atas (Mesir bagian atas merujuk pada gubernur di Mesir selatan). Keputusan tersebut memberikan insentif LE 15.000 (USD 1.968) untuk setiap kesempatan kerja yang dibuat oleh proyek tersebut, dengan syarat biaya investasi proyek melebihi LE 15 juta (USD 1,97 juta). Keputusan tersebut dapat diimplementasikan pada proyek baru dan sedang berjalan. Undang-undang Maritim 1 tahun 1998 mengizinkan perusahaan swasta, termasuk investor asing, untuk melakukan sebagian besar kegiatan transportasi maritim, termasuk pemuatan, penyuplai, dan perbaikan kapal. Undang-undang Komersial 17 tahun 1999 memiliki lebih dari 700 artikel yang mencakup perdagangan umum, kontrak komersial, transaksi perbankan, surat berharga, dan kebangkrutan. Undang-undang Kustodian Sentral 93 tahun 2000 mengurangi risiko yang terkait dengan efek diperdagangkan, meningkatkan likuiditas pasar, dan mencoba merampingkan proses pertukaran efek dengan membakukan prosedur pendaftaran, pembersihan, dan penyelesaian. Energi amp Pertambangan: Industri perminyakan adalah salah satu yang paling signifikan di Mesir, dan produksi hidrokarbon sejauh ini merupakan aktivitas industri tunggal terbesar. Meskipun minyak bumi, gas alam, dan petrokimia secara tradisional merupakan ekspor utama Egyptrsquos, kekurangan energi akut dalam beberapa tahun terakhir telah mengubah Mesir menjadi importir bersih produk minyak, gas dan minyak bumi yang dimurnikan, dan kekurangan bahan baku juga telah memasuki sektor petrokimia. Pemerintah Mesir mendorong investasi oleh perusahaan minyak dan gas internasional, dan saat ini puluhan produsen internasional beroperasi di Mesir. Industri hidrokarbon dikelola oleh Kementerian Sumber Daya Minyak dan Sumber Daya Alam, dimana empat perusahaan milik negara berfungsi sebagai badan pemerintah. Salah satunya adalah Egyptian General Petroleum Corporation (EGPC), yang menyimpulkan kesepakatan konsesi dengan investor asing dan domestik dalam bentuk kesepakatan bagi hasil (production sharing sharing / PSA). Mesir memberikan konsesi di wilayah geografis tertentu melalui pemberlakuan undang-undang khusus untuk setiap konsesi, yang merupakan dasar hukum untuk PSA antara investor dan perusahaan milik negara seperti EGPC. Mendirikan setiap kesepakatan konsesi dalam undang-undang memberikan kesepakatan supremasi dalam penerapan undang-undang atau peraturan yang bertentangan. Setelah menyelesaikan kesepakatan tersebut, setiap perubahan kontrak dapat diperbaiki melalui adaptasi damai atas ketentuan atau arbitrasi. Pengamanan ini secara khusus dirancang oleh Pemerintah Mesir (GOE) untuk membantu membangun kepercayaan dengan investor asing dan memperbaiki investasi di sektor hidrokarbon. Dalam beberapa kasus, militer Mesir perlu memberikan izin kepada perusahaan untuk mengakses dan beroperasi di wilayah konsesi mereka. Kementerian Perminyakan secara aktif mencari investasi dari investor asing dalam putaran penawaran minyak dan gas baru. GOE telah membuat kemajuan dalam membayar kembali tunggakan ke perusahaan minyak dan gas asing, yang mencapai puncaknya di atas USD 6 miliar pada pertengahan 2014 namun turun menjadi USD 3,1 miliar pada akhir 2014. Pemerintah Indonesia secara terbuka telah berkomitmen untuk membayar kembali tunggakan yang beredar pada pertengahan tahun. 2016. Bahan bakar sangat disubsidi di Mesir, dan bahkan setelah pengurangan subsidi utama pada tahun 2014, sekitar 10 persen dari pengeluaran pemerintah kemungkinan akan digunakan untuk subsidi bahan bakar pada tahun fiskal 2014-15. GOE telah mengatakan bahwa pihaknya akan menghapus subsidi bahan bakar dalam lima tahun, membawa harga ke tingkat pemulihan biaya penuh pada tahun 2019. Komunikasi Informasi: Perusahaan telepon milik negara, Telecom Egypt, kehilangan monopoli hukumnya terhadap perusahaan lokal, jarak jauh dan Sektor telekomunikasi internasional pada tahun 2005. Namun demikian, Telecom Egypt terus mengadakan monopoli de facto, terutama karena National Regulator Regulator Authority (NTRA) belum menawarkan lisensi tambahan untuk bersaing di sektor ini. NTRA telah mengerjakan sebuah rezim lisensi terpadu yang memungkinkan perusahaan menawarkan jaringan tetap dan jaringan bergerak, namun kesepakatan belum selesai. Adopsi rezim lisensi bersatu akan memungkinkan Telecom Egypt, yang saat ini beroperasi di pasar telepon tidak bergerak, untuk memasuki pasar ponsel dan tiga perusahaan mobile yang ada untuk memasuki pasar tetap. Kurangnya persaingan antar layanan internet dan penyedia layanan telepon tetap diterjemahkan ke dalam harga tinggi, kecepatan internet rendah (2-4 Mbits di pusat kota Kairo), dan kualitas layanan yang tidak dapat diandalkan oleh perusahaan seperti Telecom Egypt. Pada bulan Oktober 2014, Brand Finance menempatkan Telecom Egypt dan Egyptrsquos Mobinil di antara merek termahal di bidang telekomunikasi Arab. Hambatan tambahan adalah hanya layanan 3G yang tersedia di Mesir. Kementerian Komunikasi dan Informatika mencatat bahwa 4G dan broadband akan dilegalkan begitu lisensi terpadu diumumkan. Perjalanan: Sebelum sampai Januari 2011, pariwisata merupakan sumber mata uang asing terbesar kedua Egyptrsquos dan sumber kerja yang signifikan. Pada tahun 2010, sektor ini menghasilkan pendapatan USD 12,5 miliar, dan mempekerjakan 2,5 juta orang Mesir - lebih dari 10 persen dari angkatan kerja. Ketidakstabilan politik dan masalah keamanan sejak revolusi 2011 telah menyebabkan turunnya turis asing secara dramatis, terutama di wisata budaya kelas atas. Resort pantai telah bernasib lebih baik, namun telah memangkas harga untuk menarik bisnis. Pada tahun 2015, menurut Kementerian Pariwisata, kunjungan wisatawan telah pulih menjadi 9,9 juta pada tahun 2014, meningkat dari 9,5 juta di tahun 2013. Hasil akhir tahun mencapai Rp 2 miliar, meskipun tetap sekitar 38 persen lebih rendah dari tingkat pra-revolusi. Dan pariwisata telah jatuh ke posisi keenam sebagai sumber mata uang asing di Mesir. Pada tahun 2005, Mesir menghapus pembatasan kepemilikan properti asing di sejumlah kawasan wisata, termasuk resor di Laut Merah dan sepanjang pantai Mediterania di sebelah barat Alexandria. Namun, kebijakan kepemilikan lahan tetap rumit dan tidak jelas dalam banyak kasus. Persyaratan untuk membangun lahan untuk mempertahankan kepemilikan mendorong pengembangan yang cepat dan cepat mengenai konservasi dan proyek yang lebih berkelanjutan. Keuangan: Pengatur asuransi Egyptrsquos, Otoritas Pengawas Keuangan Mesir (EFSA), sedang melakukan reformasi kerangka legislatif untuk asuransi. Pada bulan April 2015, Dewan EFSA sedang mempertimbangkan draf proposal yang dikembangkan dengan masukan signifikan dari sektor swasta dan pemangku kepentingan terkait lainnya. Pemerintah tidak mengeluarkan lisensi untuk perusahaan asuransi baru. Seperti di sektor perbankan, perusahaan asing hanya bisa memasuki pasar asuransi Mesir melalui pembelian saham di perusahaan asuransi yang ada. Persetujuan peraturan tertentu diperlukan untuk investasi asing dan lokal di perusahaan asuransi (seperti bank Mesir) melebihi 10 persen dari saham yang diterbitkan. Pada tahun 2006, pemerintah mulai merestrukturisasi perusahaan asuransi publik dalam persiapan privatisasi. Pada bulan September 2007, perusahaan-perusahaan tersebut digabungkan dan ditempatkan di bawah perusahaan induk asuransi, dan aset real estat dilucuti dari perusahaan dan dipindahkan ke afiliasi yang baru didirikan. Perusahaan masih belum diprivatisasi. Batasan pada Agribisnis Pengendalian Asing: Undang-undang LandReal Estate 15 tahun 1963 secara eksplisit melarang kepemilikan individual atau perusahaan asing atas lahan pertanian (didefinisikan sebagai lahan pertanian tradisional di Lembah Nil, Delta dan Oase). Keuangan: Undang-undang Asuransi 156 tahun 1998 menghapus batas atas kepemilikan perusahaan asuransi asing sebesar 49 persen, memungkinkan privatisasi perusahaan asuransi milik negara, dan menghapuskan larangan terhadap warga negara asing yang bertindak sebagai perwira perusahaan. Energy amp Mining: UU Ketenagalistrikan 18 tahun 1998 memungkinkan pemerintah menjual saham minoritas perusahaan distribusi listrik kepada pemegang saham swasta baik di dalam maupun luar negeri. Draft undang-undang kelistrikan yang diharapkan mulai berlaku pada 2015 akan membuka pembangkit listrik dan distribusi ke sektor swasta. Program privatisasi Mesir berjalan di bawah program reformasi ekonomi yang berlangsung dari tahun 1991 sampai 2008. Setelah periode beberapa tahun dimana tidak ada privatisasi, Mesir melanjutkan privatisasi pada tahun 2015 dengan pengumuman oleh menteri investasi bahwa empat perusahaan, termasuk dua perusahaan perminyakan , Akan diprivatisasi dan terdaftar di Bursa Efek Mesir. Program privatisasi Mesir didasarkan pada Undang-Undang Enterprise Publik 203 tahun 1991, yang memungkinkan penjualan perusahaan negara ke entitas asing. Pada tahun 1991, Mesir memulai program privatisasi untuk penjualan beberapa ratus perusahaan yang seluruhnya atau sebagian milik negara dan semua saham publik setidaknya 660 perusahaan patungan (usaha patungan didefinisikan sebagai negara campuran dan kepemilikan pribadi, baik asing maupun domestik). Kriteria penawaran untuk privatisasi pada umumnya jelas dan transparan. Pada tahun 2014 Presiden menandatangani sebuah undang-undang yang membatasi hak banding atas kontrak yang disahkan negara untuk mengurangi tantangan pihak ketiga terhadap kesepakatan privatisasi pemerintah. Undang-undang tersebut dimaksudkan untuk meyakinkan dan menarik investor yang berkepentingan dengan tantangan hukum yang diajukan terhadap kesepakatan privatisasi dan penjualan tanah yang berasal dari pemerintah Mubarak. Kasus pengadilan yang sedang berlangsung telah menempatkan banyak dari perusahaan sekarang-swasta ini, yang banyak di antaranya dimiliki asing, dalam limbo hukum karena kekhawatiran bahwa mereka dapat dikembalikan ke kepemilikan negara. Mesir mempertahankan pengawasan de facto terhadap kategori FDI tertentu berdasarkan geografi dan sektor. Meskipun tidak ada batasan geografis formal mengenai investasi di Mesir, pemerintah pada umumnya menolak persetujuan investasi di fasilitas manufaktur di Kairo karena kemacetan. Persetujuan oleh dinas keamanan juga biasanya diperlukan untuk investasi di Semenanjung Sinai karena masalah keamanan yang sedang berlangsung. Selain itu, persetujuan peraturan tertentu diperlukan di sektor keuangan. Pemerintah tidak mengeluarkan lisensi baru untuk bank atau perusahaan asuransi. Perusahaan asing hanya bisa memasuki pasar Mesir dengan membeli saham di bank atau perusahaan asuransi yang ada. Otoritas Persaingan Mesir adalah badan yang menjamin persaingan bebas di pasar, melarang praktik antikompetitif, dan melayani kepentingan konsumen dan produsen. Otoritas beroperasi berdasarkan Undang-undang Persaingan Mesir, yang diundangkan pada tahun 2005 dan mencakup tiga kategori pelanggaran: 1) kartel 2) penyalahgunaan dominasi dan 3) hambatan vertikal. Pada tahun 2008, undang-undang nomor 1902008 dan 1932008 memperkenalkan amandemen Undang-undang Persaingan yang bertujuan untuk melindungi persaingan, melarang praktik monopoli, dan menjamin persaingan bebas dan kebebasan masuk dan keluar dari pasar berdasarkan efisiensi ekonomi. The main challenges to implementing the Competition Law include the lack of competition policy at the country level, a significant informal sector, and the lack of availability of information and data. Some have questioned the independence and effectiveness of the Egyptian Competition Authority. The following table summarizes several well-regarded indices and rankings: Millennium Challenge Corporation Country Scorecard The Millennium Challenge Corporation, a U. S. Government entity charged with delivering development grants to countries that have demonstrated a commitment to reform, produced scorecards for countries with a per capita gross national income (GNI) or USD 4,125 or less. A list of countrieseconomies with MCC scorecards and links to those scorecards is available here: mcc. govpagesselectionscorecards. Details on each of the MCCrsquos indicators and a guide to reading the scorecards are available here: mcc. govpagesdocsdocreport-guide-to-the-indicators-and-the-selection-process-fy-2015. 2. Conversion and Transfer Policies Following the January 2011 revolution, the Central Bank issued restrictions on conversion and transfers of funds out of Egypt. Individuals were only permitted transfers up to a total maximum of USD 100,000. In January 2014, however, the Central Bank permitted individuals who had already reached that limit to transfer an additional USD 100,000. No specific guidelines from the Central Bank regarding fund transfer were issued in 2015. While businesses do not face these restrictions for transfers for legitimate business purposes, extensive documentation can be required. Foreign investors say that lack of availability of foreign exchange can result in delays of up to several months, although the situation is improving. Egyptian law allows individuals and businesses to conduct all normal foreign exchange transactions, including accepting deposits, and opening letters of credit. In an effort to divert U. S. dollars from the parallel market back into the official market, the Central Bank in February 2015 set a dollar deposit limit for households and companies at USD 50,000 a month and USD 10,000 a day. Firms such as tourism companies, which earn their revenues in dollars, appear to be exempt. By April 2015, the Central Bank had relaxed the implementation of these limits for certain transactions in an apparent effort to allow greater volumes of foreign exchange liquidity into the formal banking sector. The Central Bank issued these directives through verbal decree. While this allows for significant flexibility in implementation, some market participants have expressed frustration about a lack of long-term clarity in Egyptrsquos currency regime. The OECD Arrangement on Officially Supported Export Credits rates country transfer and convertibility risk on a scale of 0 to 7, with 7 being the most risky. For many years Egyptrsquos rating had been at 4, but dropped to 5 in January 2012 and then to 6 in June 2013, where it remains (oecd. orgtadxcredcre-crc-current-english. pdf). The 1992 U. S.-Egypt Bilateral Investment Treaty provides for free transfer of dividends, royalties, compensation for expropriation, payments arising out of an investment dispute, contract payments, and proceeds from sales. Transfers are to be made in a quotfreely convertible currency at the prevailing market rate of exchange on the date of transfer with respect to spot transactions in the currency to be transferred. quot A growing gap between the demand and supply of foreign exchange in the market emerged following the institution of a new currency regime in January 2013, whereby the Central Bank of Egypt began a series of currency auctions in order to conserve foreign exchange. The government also instituted new capital controls limiting the amount of money that could be physically carried in and out of the country to USD 10,000 and 5,000 LE per person per trip. A parallel foreign exchange market exists in Egypt outside of the official banking system in which US dollars trade at around a 2-7 percent premium over the official rate. In December 2014, CBE weekly auctions were increased by 25 percent to help clear backlogs in foreign exchange requests. In an attempt to control the parallel market, the Central Bank has recently put limits on the amount of foreign exchange that an individual or entity can deposit in banks (USD 10,000day with a maximum of USD 50,000month). This was combined with a devaluation of the official exchange rate to reach USD 1 LE 7.6. The Investment Incentives Law stipulates that non-Egyptian employees hired by projects established under the law are entitled to transfer their earnings abroad. Conversion and transfer of royalty payments are permitted when a patent, trademark, or other licensing agreement has been approved under the Investment Incentives Law. Banking Law 88 of 2003 regulates the repatriation of profits and capital. The government has repeatedly emphasized its commitment to maintaining the profit repatriation system to encourage foreign investment in Egypt. The current system for profit repatriation by foreign firms requires sub-custodian banks to open foreign and local currency accounts for foreign investors (global custodians), which are exclusively maintained for stock exchange transactions. The two accounts serve as a channel through which foreign investors process their sales, purchases, dividend collections, and profit repatriation transactions using the bankrsquos posted daily exchange rates. The system is designed to allow for settlement of transactions in fewer than two days, though in practice some firms have reported significant delays in repatriating profits due to ongoing currency controls. 3. Expropriation and Compensation The Investment Incentives Law provides guarantees against nationalization or confiscation of investment projects under the law39s domain (Law 8 Article 8). The law also provides guarantees against seizure, requisition, blocking, and placing of assets under custody or sequestration (Law 8 Article 9). It offers guarantees against full or partial expropriation of real estate and investment project property (Law 8 Articles 11 and 12). The U. S.-Egypt Bilateral Investment Treaty also provides protection against expropriation. Private firms are able to take cases of expropriation to court, but the judicial system is very slow and can take several years to resolve a case. Legal System, Specialized Courts, Judicial Independence, Judgments of Foreign Courts Egypt39s legal system is a civil codified law system. The judiciary is an independent branch of the government. To enforce judgments of foreign courts in Egypt, the party seeking to enforce the judgment must obtain an exequatur. To apply for an exequatur, the normal procedures for initiating a lawsuit in Egypt must be satisfied. Moreover, several other conditions must be satisfied, including ensuring reciprocity between the Egyptian and foreign country39s courts and verifying the competence of the court rendering the judgment. Egypt does not have a bankruptcy law per se, but Commercial Law 17 of 1999 includes a chapter on bankruptcy. The terms of the bankruptcy chapter are silent or ambiguous on several key issues that are crucial to the reduction of settlement risks. The Egyptian government has identified the lack of a functioning bankruptcy code as a significant weakness for investment. In 2015, in an attempt to help accelerate the bankruptcy process, the government amended Egyptrsquos 1997 Investment Law, stipulating that if a company under liquidation has not received a statement of liquidation from the relevant administrative authorities within 120 days of the liquidator submitting the application, the company will be discharged from its liabilities. While this has accelerated bankruptcy proceedings to some extent, the government continues to indicate in public statements that efforts are underway to initiate new bankruptcy legislation to more permanently address continuing concerns over the cost and paperwork involved in bankruptcy. U. S.-Egypt Bilateral Investment Treaty allows an investor to take a dispute directly to binding third-party arbitration. The Egyptian courts generally endorse international arbitration clauses in commercial contracts. For example, the Court of Cassation has, on a number of occasions, confirmed the validity of arbitration clauses included in contracts between Egyptian and foreign parties. Presidential Decree law No. 17 of 2015 added a new mechanism for simplified settlement of investment disputes aimed at avoiding the court system altogether. In particular, the law established a Ministerial Committee on Investment Contract Disputes, responsible for the settlement of disputes arising from investment contracts to which the State, or a public or private body affiliated therewith, is a party. The decree also established a Complaint Committee that will consider challenges connected to the implementation of Egypt39s amended 1997 Investment Law. Finally, the decree established a Committee for Resolution of Investment Disputes that will review complaints or disputes between investors and the government related to the implementation of the Investment Law. The effectiveness of these committee in resolving disputes remains to be tested. The U. S. Embassy recommends that U. S. companies put clauses specifying binding international arbitration of disputes in their commercial agreements. ICSID Convention and New York Convention Egypt acceded to the International Convention for the Settlement of Investment Disputes in 1971 and is a member of the International Center for the Settlement of Investment Disputes (ICSID), which provides a framework for arbitration of investment disputes between the government and foreign investors from another member state, provided that the parties agree to such arbitration. Without prejudice to Egyptian courts, the Investment Incentives Law recognizes the right of investors to settle disputes within the framework of bilateral agreements, the ICSID or through arbitration before the Regional Center for International Commercial Arbitration in Cairo, which applies the rules of the United Nations Commissions on International Trade Law. Egypt adheres to the 1958 New York Convention on the Enforcement of Arbitral Awards the 1965 Washington Convention on the Settlement of Investment Disputes between States and the Nationals of Other States and the 1974 Convention on the Settlement of Investment Disputes between the Arab States and Nationals of Other States. An award issued pursuant to arbitration that took place outside Egypt may be enforced in Egypt if it is either covered by one of the international conventions to which Egypt is party or it satisfies the conditions set out in Egypt39s Dispute Settlement Law 27 of 1994, which provides for the arbitration of domestic and international commercial disputes and limited challenges of arbitration awards in the Egyptian judicial system. The Dispute Settlement Law was amended in 1997 to include disputes between public enterprises and the private sector. Duration of Dispute Resolution The Egyptian judicial system functions extremely slowly, and cases can remain in the system for several years. Arbitral awards are made in the original currency of the transaction, via the competent court in Egypt, usually the Cairo Court of Appeals. A special order is required to challenge an arbitration award in an Egyptian court. 5. Performance Requirements and Investment Incentives Egypt is a member of the World Trade Organization (WTO). The most recent Trade Policy Review for Egypt prepared by the WTO was issued in 2005: wto. orgenglishtratopetpretp250e. htm There are no formal geographical restrictions on investments in Egypt. However, due to congestion in Cairo, the government generally denies approval for investments in manufacturing facilities in Cairo, unless a compelling economic rationale exists. The government offers incentives to move existing manufacturing facilities out of Cairo. Upon request, government officials assist investors in locating a site for a project, often in one of the new industrial sites located outside Cairo, and sometimes provide necessary infrastructure. The new amendments to the Investment Incentives Law (Article 20) stipulate that it is permissible based on a Cabinet decree to provide special non-tax incentives to projects that meet any of the following criteria: a) are labor intensive, b) maximize local content, c) invest in logistics, internal trade, energy, or transport, or d) invest in remote or disadvantaged areas. In addition to the new industrial sites outside Cairo, the government has targeted Upper Egypt for development by private investors. Land in industrial zones in Upper Egypt is offered free of charge. The government also provides hookups to infrastructure (water, sewer, electricity, and gas) and transfers land title to the developer three years after project startup. As noted above, approval by the security services is generally required for investments in the Sinai Peninsula. In July 2007, MOI finalized procedures for granting usufruct rights (use by an investor of a plot of land for a certain period of time to establish a project and profit from it, after which both project and land are given to public ownership) in the Sinai, with the aim of boosting investment levels in the region. The procedures include facilitation of real estate registration enabling use of usufruct rights as a guarantee for loans and enabling banks to register pledges on real estate and foreclose in cases of non-payment. Research and Development Research and Development (RampD): The new 2014 constitution includes article 23 which explicitly states that the country can spend ldquono less than 1 percent of Gross National Product on scientific research. rdquo When implemented, this would double the governmentrsquos current RampD budget. Large-scale RampD activities, however, are relatively modest. The majority of government-funded RampD programs are in agriculture, health, and, to a lesser extent, manufacturing. There are no reports of discrimination against U. S. or other foreign firms wishing to participate in RampD programs in Egypt. Most Egyptian RampD programs are established by government initiative. No performance requirements are specified in the Investment Incentives Law. The ability to fulfill local content requirements is no longer a prerequisite for approval to set up assembly projects, but in most cases, assembly industries still must meet a minimum local content requirement in order to benefit from customs tariff reductions on imported industrial inputs. Article 6 of Decree 1842013 allows for the reduction of customs tariffs on intermediate goods if the final product has a certain percentage of input from local manufacturers, beginning at 30 percent local content. As the percentage of local content rises, so does the tariff reduction, reaching up to 90 percent if the amount of local input is 60 percent or above. In certain cases, a Minister can grant tariff reductions of up to 40 percent in advance to certain companies without waiting to reach a corresponding percentage of local content. In 2010, Egypt revised its export rebate system to provide exporters with additional subsidies if they used a greater portion of local raw materials. See the section quotImport and Export Policiesquot for more details on the export rebate system. Manufacturers wishing to export under trade agreements between Egypt and other countries must complete certificates of origin and local content requirements contained therein. Oil and gas exploration concessions, which do not fall under the Investment Incentives Law, do have performance standards, which are specified in each individual agreement and which generally include the drilling of a specific number of wells in each phase of the exploration period stipulated in the agreement. Egypt does not impose localization barriers on IT firms. Egypt does not make local production a requirement for market access, does not have local content requirements, and does not impose forced technology or IP transfers as a condition of market access. 6. Right to Private Ownership and Establishment By law, foreign and domestic private firms have the right to establish and own business enterprises and engage in all forms of remunerative activity, except for the restrictions on foreign business noted previously. Private enterprises may freely establish, acquire and dispose of interests in business enterprises. In practice, private firms sometimes find themselves at a disadvantage when competing for resources with state-owned firms. For example, state-owned firms often have easier access to bank credit from the state-dominated banking system than do private firms, whether domestic or foreign. Despite sufficient bank capitalization and liquidity, access to credit is a particular issue for small and medium enterprises, which often do not sufficiently meet bank application requirements to assess their risk profiles. In addition, some market participants have experienced difficulties in dissolving companies. 7. Protection of Property Rights The Egyptian legal system provides protection for real and personal property, but laws on real estate ownership are complex and titles to real property may be difficult to establish and trace. Reforms in 2007 simplified the registration process for residential construction in new urban areas built on the outskirts of Cairo and Alexandria. According to the World Bankrsquos 2014 Doing Business Report, Egypt ranks 84 out of 189 for ease of registering property. (doingbusiness. orgdataexploreeconomiesegypt A National Title Registration Program was introduced by the Ministry of State for Administrative Development and implemented in nine areas within Cairo. This program was intended to simplify property registration and facilitate easier mortgage financing. Real estate registration fees, long considered a major impediment to development of the real estate sector, were capped in May 2006 at no more than LE 2000 (USD 263), irrespective of the property value. In November 2012, the government decided to postpone implementation of an enacted overhaul to the real estate tax system until 2014 but as of early 2015 no action has been taken. The Ministry of Finance plans to submit proposed amendments to the law to the new parliament once it is seated. There is an extensive rent control system for older residential and commercial real estate property resulting in some apartment rents as low as USD 10 per month. However, these rent controls do not apply to real estate put into service in recent years. Foreigners are limited to ownership of two residences in Egypt and specific procedures are required for purchasing real estate in certain geographical areas. The mortgage market is still undeveloped in Egypt. Real Estate Finance Law 148 of 2001 authorized both banks and non-bank mortgage companies to issue mortgages. The law provides procedures for foreclosure on property of defaulting debtors, and amendments passed in 2004 allow for the issuance of mortgage-backed securities. According to the regulations, banks can offer financing in foreign currency of up to 80 percent of the value of a property. Presidential Decree 172015 permitted the government to provide land, free of charge and in certain regions only, to investors meeting certain technical and financial requirements. This provision expires on April 1, 2020 and the company must provide cash collateral for five years following commencement of either production (for industrial projects) or operation (for all other projects). Intellectual Property Rights The lack of adequate protection of intellectual property rights (IPR) is a major hurdle to direct investment here. Egypt remains on the Special 301 Watch List as of 2015. Shortcomings in the IPR environment include infringements to copyrights and patents, particularly in the pharmaceuticals sector. Book, music, and entertainment software piracy is prevalent in Egypt. A significant portion of violations also take place online with music, movies, and software. American film studios represented by the Motion Pictures Association of America are concerned about the illegal distribution of American movies on regional satellite channels. Market access impediments, including ad valorem duties on imported CD-based goods, a tax on imported goods, censorship certificate fees for foreign films, and a 20 percent entertainment tax on foreign films (versus five percent for Arabic-language films) remain challenges for U. S. firms selling in Egypt. Law 822002 reflects the provisions of the TRIPs Agreement. Article 69 of Egyptrsquos new constitution, which came into effect in January 2014, reaffirms the statersquos commitment to the protection of IP rights. It also calls for the establishment of an administrative organ to ensure legal protections, but the interim government has not yet taken steps to establish such an institution. In the absence of that administrative entity, Egypt39s IP rights sector remains regulated by Law 822002. In multilateral negotiations and the WTO TRIPS Council, Egypt, together with other countries, presses demands for unlimited technology transfer that could lead to coercion of private rights holders, weakening their property rights. These outcomes could undermine innovation, trade, and investment in IP-intensive products and services that are critical parts of the response to climate change, sustainable economic development, and other challenges. By advancing such positions, the Egyptian government is creating uncertainty with respect to its commitment to create a domestic environment that will encourage innovation and investment in innovative industries. Per the 2014 intellectual property rights index (IPRI), Egyptrsquos IPRI score declined for the third continuous year. Egypt ranked 75 out of 97 globally and 6 out of 7 regionally. (internationalpropertyrightsindex. orgcountries ) Customs officers have the right to seize counterfeit or suspicious goods. However, customs officers lack authority to destroy counterfeit goods unless ordered by a court to do so following a claim by the rights holder. The cost of storage and destruction of counterfeit goods is incurred by the rights holder. Resources for Rights Holders For additional information about treaty obligations and points of contact at local IP offices, please see WIPOrsquos country profiles at wipo. intdirectoryen . IPR Contact at Embassy Cairo: 8. Transparency of the Regulatory System The Egyptian government has made efforts to improve the transparency of government policy. The process has proven difficult and has faced strong resistance from entrenched bureaucratic interests. Significant obstacles continue to hinder private sector investment, including the often-arbitrary imposition of bureaucratic impediments and the length of time needed to resolve them. Law 89 of 1998 amended the Tenders and Bidding Law 9 of 1983 to improve equality and transparency in government procurement. Key provisions of the law include: a prohibition on reopening negotiations after final bids have been received more transparency in the criteria for bid acceptance and rejection equality among bidders, contractors, and government agencies more weight given to the technical aspects of a tender or bid protection of contractor rights reduction of insurance fees and immediate return of deposits once the government announces bid or tender results. In 2005, parliament passed the Law on Protection of Competition and Prohibition of Monopolistic Practices. A new agency, the Egyptian Competition Authority, began operating in 2006 to implement the law. The MOI also issued corporate governance guidelines as Ministerial Decree No. 332 in 2005. The non-binding guidelines ndash formulated along the lines of OECD principles ndash apply to corporations and limited liability companies as well as brokerages. In 2006, MOI issued corporate governance guidelines for public sector companies. Accounting standards in government entities are still not fully consistent with international norms, although efforts are underway to bring standards into conformity with International Financial Reporting Standards (IFRS). The MOI issued a directive in 2006 with new accounting standards for all companies listed on the Egyptian stock exchange, including public entities. The new standards, which came into effect in 2007, are close, but not identical to IFRS. Egyptian law does not require that proposed legislation be published prior to ratification. In practice, recent draft legislation has been circulated among concerned parties, including business associations and labor unions. This is a welcome change from previous practice. Although Egypt does not currently have a seated parliament, historically, parliamentary committees have held lsquosocial dialoguersquo sessions with concerned parties and organizations to discuss proposed legislation however, responsiveness on the part of legislators to feedback received from concerned parties was limited. After approval by parliament, new laws were referred to the President for approval, after which they are published in the Official Gazette, similar to the Federal Register in the United States. In the absence of a seated Parliament, Legislative Committees within each ministry are tasked with introducing new legislation to their respective Ministers, who in turn present it to the Cabinet during the weekly Cabinet meetings. After the legislation is discussed and approved by the Cabinet it is referred to the President for approval and is afterwards published in the Official Gazette. Regulatory Reform: Over the past decade, the Egyptian Government, led by the Ministry of Finance and the Ministry of Investment, made some strides to enhance the regulatory framework, particularly for businesses, for the purpose of promoting investment and creating job opportunities. Such strides included tax and banking reform as well as facilitating start-up business registrations through one-stop shops where businesses could obtain start-up licenses without having to get approval from several different government offices. Historically, Egyptrsquos one-stop shops have not necessarily lived up to the name, with registration frequently requiring stops at many different government bureaus. However, in 2015, the government addressed this concern head on by introducing a series of amendments granting GAFI authority to consolidate the registration processes of many ministries into a true one-stop shop. As of April 2015 the government is working to implement these new measures, with the Minister of Investment stating that he expects full implementation to be completed in 18 months. 9. Efficient Capital Markets and Portfolio Investment The Egyptian Exchange (EGX) is Egyptrsquos registered securities exchange. In April 2015, 214 companies were listed on the EGX, with a market capitalization of about LE 500 billion. Stock ownership is open to foreign and domestic individuals and entities. The government of Egypt issues dollar-denominated and Egyptian pound-denominated debt instruments. Ownership is open to foreign and domestic individuals and entities. The Capital Market Law 95 of 1992, along with the Banking Law of 2003, constitute the primary regulatory frameworks for the financial sector. The law grants foreigners full access to capital markets, and authorizes establishment of Egyptian and foreign companies to provide underwriting of subscriptions, brokerage services, securities and mutual funds management, clearance and settlement of security transactions, and venture capital activities. Recently the Ministry of Finance increased taxes on income from capital gains to 10 percent. The law specifies mechanisms for arbitration and legal dispute resolution and prohibits unfair market practices. Law No. 102009 created the Egyptian Financial Supervisory Authority (EFSA) and brought the regulation of all non-banking financial services under its authority. The Central Securities Depository and Registration Law and its executive regulations, issued in 2000, eased registration and deposit of securities. Settlement of transactions takes one day for treasury bonds and two days for stocks. Although Egyptian law and regulations allow companies to adopt bylaws limiting or prohibiting foreign ownership of shares, virtually no listed stocks have such restrictions. A significant number of the companies listed on the exchange are family-owned or dominated conglomerates, and free trading of shares in many of these ventures, while increasing, remains limited. Companies are de-listed from the exchange if not traded for six months. In 2002, the then Minister of Foreign Trade added an additional chapter to the executive regulations of the Capital Market Law to allow margin trading to increase liquidity and trading in the market through brokerage firms and financially-solvent licensed companies. In April 2003, the U. S. Securities and Exchange Commission included the Egyptian Exchange in its list of accredited stock exchanges, allowing U. S. financial institutions to invest in the Egyptian stock market without undertaking the cumbersome procedures previously required. In May 2006, the Capital Market Authority (CMA) issued Decree No. 50 for 2006, organizing online trading. The decree allows brokerage companies to receive requests for buyingselling of shares by clients via the Internet. The decree also mandates infrastructure requirements, mainly web security provisions, which brokerage firms must meet in order to provide online services. To date, 114 companies have obtained online trading licenses. Leasing Law 95 of 1995 allows for the leasing of capital assets and real estate and was designed to reduce the high start-up costs faced by new investors. Notably, the law specifically allowed for the purchase of real estate assets through leasing mechanisms. The Leasing Law was amended in 2001 to make leasing more attractive for investors by exempting financial leasing activities from sales taxes and fees specifying financial standards to which leasing companies must adhere to increasing the control, organization and efficiency of the leasing activities and incorporating clear guarantees for the parties involved. Money and Banking System, Hostile Takeovers Banking: The Central Bank of Egypt has not issued a new commercial banking license since 1979. The only way for a new commercial bank, whether foreign or domestic, to enter the market (except as a representative office) is to purchase an existing bank. To this end, in 2013, QNB Group acquired National Socieacuteteacute Geacuteneacuterale Bank Egypt (NSGB). That same year, Emirates NBD, Dubai39s largest bank, bought the Egypt unit of BNP Paribas. In 2009, the Central Bank announced that it had no plans to privatize the three remaining state-owned banks (Banque Misr, Banque du Caire, National Bank of Egypt), citing poor market conditions. These three banks control at least 40 percent of banking sector assets. 10. Competition from State-Owned Enterprises State-owned enterprises compete directly with private companies in several sectors of the Egyptian economy. According to Public Sector Law 203 of 1991, state-owned enterprises should not receive preferential treatment from the government, nor should they be accorded any exemption from legal requirements applicable to private companies. In addition to the state-owned enterprises groups above, 40 percent of the banking sectorrsquos assets are controlled by three state-owned banks (Banque Misr, Banque du Caire, and National Bank of Egypt). In March 2014 the government announced that nine public holding companies will be placed under an independent sovereign fund. As of April 2015, this has not yet occurred. In an attempt to encourage growth of the private sector, privatization of state-owned enterprises and state-owned banks accelerated under an economic reform program that took place from 1991 to 2008. Following the 2011 revolution, third parties have brought cases in court to reverse privatization deals, and in a number of these cases, Egyptian courts have ruled to reverse the privatization of several former public companies. Most of these cases are still under appeal. OECD Guidelines on Corporate Governance of SOEs SOEs in Egypt are structured as individual companies controlled by boards of directors and grouped under government holding companies that are arranged by industry, including Spinning amp Weaving Metallurgical Industries Chemical Industries Pharmaceuticals Food Industries Building amp Construction Tourism, Hotels amp Cinema Maritime amp Inland Transport Aviation and Insurance. The holding companies are headed by boards of directors appointed by the Prime Minister with input from the relevant Minister. Sovereign Wealth Funds Egypt does not have a sovereign wealth fund. 11. Corporate Social Responsibility Corporate social responsibility (CSR) programs have grown in popularity in Egypt over the last ten years. Most programs are limited to multinational and larger domestic companies. Education is the most popular sector for CSR investment, but environmental and entrepreneurship programs are garnering greater participation. A number of organizations work to foster the development of CSR in Egypt. The American Chamber of Commerce has an active corporate social responsibility committee, and Apache Corporation was named a finalist in 2013 for the Secretaryrsquos Award for Corporate Excellence for its work building and maintaining village girls schools throughout the country. Microsoft was named a finalist in 2012. The Egyptian Corporate Responsibility Center, which is the UN Global Compact local network focal point in Egypt, aims to empower businesses to develop sustainable business models as well as improve the national capacity to design, apply, and monitor sustainable corporate social responsibility policies. In March 2010, Egypt launched an environmental, social, and governance (ESG) index, the second of its kind in the world after Indiarsquos, with training and technical assistance from Standard and Poorrsquos. OECD Guidelines for Multinational Enterprises Egypt became a signatory to the OECD Guidelines for Multinational Enterprises in 2007. During late 2014 and early 2015, there were numerous small-scale shootings and bombing attacks against both security and civilian targets in Cairo and elsewhere in the country. In the Sinai Peninsula, where militants have conducted major terrorist attacks against military installations and personnel, security remains a problem. One domestic terror group, Ansar Beit Al-Maqdis (ABM), which has operated in the Sinai Peninsula since 2011 and claimed responsibility for most of the deadliest attacks against Egyptian security targets, recently declared its allegiance to ISIL and changed its name to the State of Sinai. The United States designated the group as a Foreign Terrorist Organization in April 2014. Violent attacks have also taken place in areas in proximity to the border with Libya. Corruption occurs at all levels of Egyptian society. Giving and accepting bribes are criminal acts in Egypt, but corruption laws have not been consistently enforced. Companies might encounter corruption in the public sector in the form of bribery, embezzlement, and tampering with official documents. Corruption and bribery are reported in dealing with public services, customs (import license and import duties), public utilities (water and electrical connection), construction permits, and procurement, as well as in the private sector. The law provides criminal penalties for official corruption, but the government does not consistently enforce the law. A series of civil cases have been brought against private companies that concluded contracts with the Mubarak regime for the purchase of state-owned assets as part of the regimersquos privatization drive. Most of the first-instance decisions in these cases have annulled the original sales contract, calling for the renationalization of the company and mandating that the individuals laid off following privatization be re-hired. These cases have caused considerable concern among current and prospective investors in Egypt. Transparency Internationalrsquos Corruption Perceptions Index ranked Egypt 94 out of 175 in its 2014 survey ( cpi. transparency. orgcpi2014results) an improvement from the difficult 2011-2014 period and a return to the 2010 ranking which placed Egypt 98 out of 178. The World Bank Enterprise Survey reports that general corruption incidence and corruption depth in Egypt is lower than the overall MENA region, and even the world average. Recent ratings from a WB rapid survey, phone survey, and, the World Economic Forumrsquos Global Competitiveness Report 2013-14 identified corruption as the third to fifth most problematic factor to doing business in Egypt. The World Competitiveness Survey specifically cites policy instability, government instability, access to financing, and foreign currency regulations as four challenges more important than corruption (www3.weforum. orgdocsGCR2014-15EGY. pdf). The new 2014 constitution provides for the establishment of an Anti-Corruption Commission to focus on dealing with conflicts of interests, standards of integrity, and government transparency. It also addresses whistleblower protection. That same year, Egypt launched a four year national Anti-Corruption Strategy empowering the new National Coordinating Committee for Combating Corruption to develop a holistic government strategic for addressing corruption. The long-term effectiveness of this strategy remains to be seen. UN Anticorruption Convention, OECD Convention on Combatting Bribery Egypt ratified United Nations Convention against Corruption in February 2005. It has not acceded to the OECD Convention on Combating Bribery or any other regional anti-corruption conventions. Resources to Report Corruption Several agencies within the Egyptian government share responsibility for addressing corruption. Egyptrsquos primary anticorruption body is the independent and well-regarded Administrative Control Authority, which has jurisdiction over state administrative bodies, state-owned enterprises, public associations and institutions, private companies undertaking public work, and organizations to which the state contributes in any form. The Ministry of Justicersquos Illicit Gains Authority is charged with referring cases in which public officials have used their office for private gain. The Public Prosecution Officersquos Public Funds Prosecution Department and the Ministry of Interiorrsquos Public Funds Investigations Office likewise share responsibility for addressing corruption in public expenditures. General Contact Information: Ministry of Interior General Directorate of Investigation of Public Funds Telephone: 02-2792-1395 02-27921396 Fax: 02-2792-2389 14. Bilateral Investment Agreements Egypt has signed a number of international agreements covering investment, including bilateral investment agreements with Belgium, China, Finland, France, Germany, Greece, Italy, Japan, Libya, Luxembourg, Morocco, the Netherlands, Romania, Singapore, Sudan, Sweden, Switzerland, Thailand, Tunisia, the United Kingdom, and the United States. The U. S-Egypt Bilateral Investment Treaty provides for fair, equitable, and nondiscriminatory treatment for investors of both nations. The treaty includes provisions for international legal standards on expropriation and compensation free financial transfers and procedures for the settlement of investment disputes, including international arbitration. In addition to specific investment agreements, Egypt is also a signatory to a wide variety of agreements covering trade issues. Egypt joined the Common Market for Eastern and Southern Africa (COMESA) in June 1998. In July 1999, Egypt and the United States signed a Trade and Investment Framework Agreement (TIFA), a step toward creating freer trade and increasing investment flows between the U. S. and Egypt. In June 2001, Egypt signed an Association Agreement with the European Union (EU) which entered into force on June 1, 2004. The agreement provides for immediate duty free access of Egyptian products into EU markets, while duty free access for EU products will be phased in over a 12 year period. In 2010, Egypt and the EU completed an agricultural annex to their FTA, liberalizing trade in over 90 percent of agricultural goods. Egypt is also a member of the General Arab Free Trade Agreement (GAFTA), and a member of the Agadir Agreement with Jordan, Morocco, and Tunisia, which relaxes rules of origin requirements on products jointly manufactured by the countries for export to Europe. Egypt also has an FTA with Turkey, in force since March 2007, and an FTA with the Mercosur bloc of Latin American nations, which Egypt ratified in January 2013, but which is not yet in force. The Minister of Industry, Trade and SMEs announced during the Egypt Economic Development Conference (EEDC) that two new FTAs will be signed. The first will be in June with the three major African blocks: the Common Market for Eastern and Southern Africa (COMESA), the Southern African Development Community (SADC) and the East African Community (EAC). The second will be with the Eurasian Economic Union, which includes Russia, Armenia, Belarus, and Kazakhstan. In 2004, Egypt and Israel signed an agreement to take advantage of the U. S. Governmentrsquos Qualifying Industrial Zone (QIZ) program. The purpose of the QIZ program is to promote stronger ties between the region39s peace partners, as well as to generate employment and higher incomes, by granting duty-free access to goods produced in QIZs in Egypt using a specified percentage of Israeli and local input. Under Egyptrsquos QIZ agreement, U. S. imports from Egypt are eligible for duty-free treatment if the value includes not less than 35 percent U. S.EgyptianIsraeli content, with a minimum 10.5 percent Israeli content. The industrial areas currently included in the QIZ program are Alexandria, areas in Greater Cairo such as Sixth of October, Tenth of Ramadan, Fifteenth of May, South of Giza, Shobra El-Khema, Nasr City and Obour, areas in the Delta governorates such as Dakahleya, Damietta, Monofeya and Gharbeya, and areas in the Suez Canal such as Suez, Ismailia, Port Said, and other specified areas in Upper Egypt. Egyptian exports to the U. S. and ready-made garments in particular, have risen rapidly since the QIZ program was introduced in December 2004. The value of the Egyptian QIZ exports to the U. S. amounted to USD 920 million in 2014, approximately 55 percent of Egypt39s total exports to the United States (Data Source: USITC). Bilateral Taxation Treaties Egypt has a bilateral tax treaty with the United States. 15. OPIC and Other Investment Insurance Programs The Overseas Private Investment Corporation (OPIC) has approved USD 500 million in financing to support lending to small businesses in Egypt and Jordan, including the following: 1) USD 150 million commitment in partnership with Abraaj Capital, a leading private equity group, to enable growth of smaller companies 2) USD 150 million investment guaranty with Citibank for a loan to Citadel Capital, the leading private equity firm in the Middle East and Africa, aimed at expanding its subsidiaries working in critical sectors in the MENA region and including USD 125 million specifically for Egypt and 3) USD 250 million 10 year partnership with Egyptian banks working directly with SMEs. Egypt sees upwards of 700,000 new entrants into the labor market each year. Official statistics put the labor force at 27.6 million, with 4.3 million unemployed. Following the 2011 Revolution, Egyptrsquos unemployment rate has gradually increased. The 2014 unemployment rate stood at 15.6 percent, with unemployment significantly higher for women (29.3 percent) and for young people (71.1 percent for women between the ages of 15-24 and 25.8 percent for young men). Government statistics show that 69 percent of unemployed people were aged between 15 and 29 more than 82 percent hold diplomas and university degrees. Unemployment is at its highest among educated youth, particularly graduates of vocational secondary education. This issue was exacerbated by the 2011 Revolution and concomitant political and economic instability. Many consider the limited employment opportunities for youth as a serious challenge to Egyptrsquos social cohesion and democratic transition. Millions of Egyptians continue to seek employment abroad. The government bureaucracy and public sector enterprises are substantially over-staffed compared to the private sector. Businesses highlight a mismatch between labor skills and market demand, despite high numbers of university graduates in a variety of fields. Foreign companies frequently pay internationally competitive salaries to attract workers with valuable skills. The Unified Labor Law (Law 12 of 2003) provides certain guidelines on labor relations, including hiring, working hours, termination of employees, training, health, and safety. The law grants a qualified right for employees to strike, as well as rules and guidelines governing mediation, arbitration, and collective bargaining between employees and employers. Non-discrimination clauses are included, and the law complies with labor-related International Labor Organization (ILO) conventions regulating the employment and training of women and eligible children (Egypt ratified ILO Convention 182 on combating the Worst Forms of Child Labor in April 2002). The law also created a national committee to formulate general labor policies and the National Council of Wages, whose mandate is to discuss wage-related issues and national minimum-wage policy. The latter has rarely convened. Under the Unified Labor Law, workers may join trade unions, but are not required to do so. A trade union or workersrsquo committee may be formed if 50 employees in an entity express a desire to organize. All trade unions are required by law to belong to the Egyptian Trade Union Federation. In March 2011, the Minister of Manpower and Migration (MOMM) issued a decree recognizing complete freedom of association. The Minister decided that aspects of the Trade Union Law (Law 35 of 1976) violated, and were trumped by, Egyptrsquos ILO and UNHRC commitments. Subsequent ministers continued to recognize the 2011 decree, and since March 2011, the Ministry of Manpower and Migration has registered well over 1,600 independent trade unions without interference, while hundreds more have formed, but have not yet registered. The new 2014 Constitution stipulates in article 76 that ldquoestablishing unions and federations is a right that is guaranteed by the law. rdquo Only courts are allowed to dissolve unions. The 2014 constitution maintained past practice in stipulating that ldquoone syndicate is allowed per profession. rdquo The Egyptian constitutional legislation differentiates between white-collar syndicates (for professional workers e. g. doctors, lawyers, journalists) and blue-collar workers (e. g. transportation, food, mining workers). The government has drafted a quotright to be collectively organizedrdquo law, but as of April 2015 has not yet passed the legislation the ILO39s Committee of Experts recognized Egyptrsquos 2011 declaration on freedom of association as a positive step and emphasized that a law codifying these changes should be enacted as soon as possible. Employers complain that the incongruence between labor provisions in the 2014 Constitution, the 2011 Ministerial Decree, and the Trade Union Law of 1976 causes uncertainty when dealing with workersrsquo representatives. Workers in Egypt have the right to strike peacefully, but strikers by law must notify the employer and concerned administrative officials of the reasons and time frame of the strike ten days in advance. The law prohibits strikes in strategic or vital establishments in which the interruption of work could disturb national security or basic services provided to citizens. In practice, however, workers strike often in all sectors without following these procedures. The number of strikes increased significantly after January 2011. In 2014, labor actions spiked during the first quarter, but gradually tapered off over the course of the year. The ILO Committee of Experts has criticized the 1976 Trade Union Law for mandating that only the formerly government-controlled Trade Union Federation may organize strikes and that workers must notify employers in advance of strike actions. Collective negotiation is allowed between trade union organizations and private sector employers or their organizations. Agreements reached through negotiations are recorded in collective agreements regulated by the Unified Labor law and usually registered at the Ministry of Manpower and Migration. Collective bargaining is technically not permitted in the public sector, though it exists in practice. The government often intervenes to limit or manage collective bargaining negotiations in all sectors. The MOMM sets worker health and safety standards, which also apply in public and private free zones and the Special Economic Zones (see below). Enforcement and inspection, however, are uneven. The Unified Labor Law prohibits employers from maintaining hazardous working conditions, and workers have the right to remove themselves from hazardous conditions without risking loss of employment. Egyptian labor laws allow employers to close or downsize for economic reasons. The government, however, has taken steps to halt downsizing in specific cases. The unemployment insurance law, also known as the Emergency Subsidy Fund Law No. 156 of 2002, sets a fund to compensate employees whose wages are suspended due to partial or complete closure of their firm or due to its downsizing. The Fund allocates financial resources that will come from a one percent deduction from the base salaries of public and private sector employees. According to foreign investors, certain aspects of Egypt39s labor laws and policies are significant business impediments, particularly the difficulty of dismissing employees. Labor Law 12 of 2003 allows Ministers to set the maximum percentage of foreign workers that may work in companies in a given sector. There are no such sector-wide maximums for the oil and gas industry, but individual concession agreements may contain language establishing limits or procedures regarding the proportion of foreign and local employees. In 2011, the MOMM enacted regulations designed to restrict access for foreigners to Egyptian worker visas, though application of these provisions has been inconsistent. Visas for unskilled workers will be phased out. For most other jobs, employers may hire foreign workers on a temporary six-month basis, but must also hire two Egyptians to be trained to do the job during that period. Only jobs where it is not possible for Egyptians to acquire the requisite skills will remain open to foreign workers. In practice, it is not clear how diligently the government is enforcing these provisions. 17. Foreign Trade ZonesFree PortsTrade Facilitation Public and private free zones are authorized under the Investment Incentive Law and are established by a decree from GAFI. Free zones are located within the national territory, but are considered to be outside Egyptrsquos customs boundaries, granting firms doing business within them more freedom on transactions and exchanges. Companies producing largely for export (normally 80 percent or more of total production) may be established in free zones and operate in foreign currency. Free zones are open to investment by foreign or domestic investors. Companies operating in free zones are exempted from sales taxes or taxes and fees on capital assets and intermediate goods. In 2015, the Legislative Package for the Stimulation of Investment stipulated a 1 percent duty paid on the value of commodities upon entry for storage projects and a 1 percent duty upon exit for manufacturing and assembly projects. There are currently 10 public free zones in operation in the following locations: Alexandria, Damietta, East Port Said Port Zone, Ismalia, Koft, Media Production City, Nasr City, Port Said, Shebin el Kom, and Suez. Private free zones may also be established with a decree from GAFI but are usually limited to a single project. Export-oriented industrial projects are given priority. There is no restriction on foreign ownership of capital in private free zones. In 2015, limits were introduced on energy-related free zone investments, and licenses will not be granted in free zones for projects in the following sectors: fertilizers oil and steel petroleum natural gas production, liquefaction and transport or other energy intensive industries. The Special Economic Zones (SEZ) Law 83 of 2002 allows establishment of special zones for industrial, agricultural, or service activities designed specifically with the export market in mind. The law allows firms operating in these zones to import capital equipment, raw materials, and intermediate goods duty free. Companies established in the SEZs are also exempt from sales and indirect taxes and can operate under more flexible labor regulations. The first SEZ was established in the northwest Gulf of Suez. Law No. 19 of 2007 authorized creation of investment zones, which require Prime Ministerial approval for establishment. The government regulates these zones through a board of directors, but the zones are established, built, and operated by the private sector. The government does not provide any infrastructure or utilities in these zones. Investment zones enjoy the same benefits as free zones in terms of facilitation of license-issuance, ease of dealing with other agencies, etc. but are not granted the incentives and taxcustom exemptions enjoyed in free zones. Projects in investment zones pay the same taxcustoms duties applied throughout Egypt. The aim of the law is to assist the private sector in diversifying its economic activities. In 2014, the government announced its intention to begin work on the USD 15 billion Suez Canal Development Project, a major industrial and logistics services hub built along the Suez Canal. The project will be constructed by the Dar El Handsa Consortium, and is expected to include upgrades and renovations to ports located along the Suez Canal corridor, including West and East Port Said, Ismailia, Suez, Adabiya, and Ain Sokhna. The government has invited foreign investors to take part in the project, which is expected to be built in several stages, the first of which is scheduled to be completed by 2020. Reported areas for investment include maritime services like ship repair services, bunkering, vessel scrapping and recycling industrial projects, including pharmaceuticals, food processing, automotive production, consumer electronics, textiles, and petrochemicals IT services such as research and development and software development renewable energy and mixed use, residential, logistics, and commercial developments. 18. Foreign Direct Investment and Foreign Portfolio Investment Statistics Table 2: Key Macroeconomic Data, U. S. FDI in Host CountryEconomy Table 3: Sources and Destination of FDI Measurements of foreign direct investment (FDI) in Egypt vary according to the source and the definitions employed to calculate the figure. The Central Bank records figures on quarterly and annual investment flows based on financial records for Egypt39s balance of payments statistics. They are reported in the table below. The Ministry of Petroleum keeps statistics on investment in the oil and gas sector (which accounts for the bulk of FDI in Egypt), while GAFI keeps statistics on all other investments ndash including re-invested earnings and investment-in-kind. Statistics are not always current. GAFI39s figures are calculated in Egyptian Pounds at the historical value and rate of exchange, with no allowance for depreciation, and are cumulative starting from 1971. The U. S. has historically ranked first in terms of FDI in Egypt, but starting in 2007 was outpaced by the EU. U. S. firms are active in a wide range of manufacturing industries, producing goods for the domestic and export markets. Examples of U. S. investors include American Express, AIG, Ideal Standard, Apache Corporation, Bechtel, Bristol-Myers Squibb, Cargill, Citibank, Coca-Cola, Devon Energy, Dow Chemical, ExxonMobil, Eveready, General Motors, Guardian Industries, H. J. Heinz, Johnson amp Johnson, Kelloggrsquos, Mondelez, Microsoft, Proctor and Gamble, Pfizer, PepsiCo, Pioneer, and Xerox. Leading investors from other countries include BG, ENI-AGIP, BP, and Shell (in the oilgas sector), Unilever, the M. A. Kharafi Group (Kuwait), and the Kingdom Development Company (Saudi Arabia). Note that the IMFrsquos Coordinated Direct Investment Survey (CDIS) is unavailable for Egypt. Table 4: Sources of Portfolio Investment Figures below are from 2013. Note that political changes since 2013 will adversely affect Qatar39s investment in Egypt in future reports. Portfolio Investment Assets Top Five Partners (Millions, US Dollars) Total Debt Securities 19. Contact for More Information In This Section: Highlights Learn More The Office of Website Management, Bureau of Public Affairs, manages this site as a portal for information from the U. S. State Department. External links to other Internet sites should not be construed as an endorsement of the views or privacy policies contained therein. Note: documents in Portable Document Format (PDF) require Adobe Acrobat Reader 5.0 or higher to view, download Adobe Acrobat Reader. Javascript is disabled in your browser. For the best experience on this web site, please enable Javascript.