On 16 October 2016, the Presidential Decree no. 478 of 2016 was issued to establish the Supreme Council of Investment. The Council is chaired by the President and is constituted from the following members: Prime Minister; Governor of the Central Bank; Ministers of Defence, Interior, Finance, Investment, Justice, Trade and Industry; Chairman of the General Intelligent Agency; Chairman of the Administrative Control Authority; CEO of the General Authority for Investment and Free Zones; Chairman of the Egyptian Industry Union; and Chairman of the Investors Associations Union.
The Council is competent, among others, to:
- Draw the vision for legislative and administrative reform of the investment climate;
- review and ensure implementation of the investment plans,
- review the different methods for the settlement of investment disputes, and
- follow up the current status of international arbitration cases as well as presenting the available and potential investment chances.
The decisions issued by the Council are binding on all the ministries and governmental entities which will be obliged to take the necessary procedures to implement them.