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In addition, in March 2015, the country organized the Egypt Economic Development Conference (EEDC), bringing together heads of state and multinational chief executives to showcase Egypt’s reform agenda, spotlight USD 36 billion in foreign investments, and offer speeches by ministers who affirmed the government’s commitment to economic reform.
The conference was well-received and generated positive feedback from many of the attending investors, giving Egypt momentum as it works to tackle serious economic challenges that include high youth unemployment, a weak educational system, fiscal imbalances, and lingering foreign exchange concerns.
The government has made progress on the roadmap adopted in July 2013, ratifying a new constitution in January 2014 and holding presidential elections in May 2014.
Parliamentary elections have been postponed repeatedly and are currently expected in fall 2015.
Egypt remains dependent on billions of dollars in assistance from Gulf countries to provide temporary economic relief and bolster foreign reserves.
Egypt honors its laws, treaties, and trade agreements.
It is party to 112 bilateral investment treaties and is a member of the World Trade Organization (WTO), the Common Market for Eastern and Southern Africa (COMESA), and the Greater Arab Free Trade Area (GAFTA).
In many sectors, there is no legal difference between foreign and domestic investors.
Special requirements exist for foreign investment in particular sectors, such as upstream oil and gas development, where joint ventures are required.
There have also been recent legal challenges to the privatization of former state-owned enterprises (SOEs).
Egypt has several programs intended to attract foreign direct investment into special economic and trade zones.