GAFI Ends 42 Cases of a Dispute with Investors

Osama Saleh, Chairman of the General Authority for Investment and Free Zones, declared that the “Committee of Settlement of Investment Disputes” at “GAFI” took a decision in the disputes of 42 cases with the investors during the period from 1/7/2009 01/01/2012.

The Chairman of GAFI during a workshop organized with the Economic and Social Commission for Western Asia United Nations on the settlement of disputes arising between the state and investors in light of the provisions of the agreements, the friendly and judiciary, with the participation of more than 52 government officials Egyptians, led by Dr Khalid Hussein, Acting Regional Integration Division.

It was confirmed by Osama Saleh, the need to work on the Settlement of Investment Disputes, in order to remedy the potential impact on the investment climate, he said, adding that in light of the pursuit of the state to attract more foreign direct investment, it requires full transparency in the implementation of the State's obligations towards foreign investors, not inconsistent with the protection of national interests, and then the public interest, and the rights of citizens. He said that the authority is working to develop effective mechanisms for the settlement of investment disputes, and seeking to avoid turning differences into disputes, as well as develop a new Egyptian international investment agreements to avoid the carrying state large financial burden in case of decisions of international arbitration to compensate the foreign investor in order to match the losses of his investments.