EGYPT Trends and Developments Contributed by: Mohamed Hashish, Heba El Abd, Mariam Rabie, Mohamed Selim and Abdelaziz Mohamed, Soliman, Hashish & Partners
documents system for importing goods. This change alleviates the previously higher costs and time bur - dens on importers. It is also worth noting that in 2023, by virtue of Law No 173 of 2023, foreign ownership restrictions on impor - tation have been lifted, permitting limited liability com - panies, 51% of the allotments of which are owned by non-Egyptian partners, to register in the Importers’ Registry, provided that the total duration of registra - tion does not exceed ten years from the date of entry into force of the said law. However, this duration may be extended for one additional period not exceeding ten years by a decision from the Council of Ministers.
In conclusion, different legal developments have taken place across different regulations and sectors in Egypt. These measures reflect the Egyptian gov - ernment’s aim to foster a stable and well-regulated economy, not only for Egyptians, but also to promote foreign direct investment in Egypt. Notably, reports indicate that further changes are anticipated in the coming years, including the introduction of new labour and arbitration laws.
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