Emphasizing the importance of both foreign and domestic investment in the Egyptian economy, the Minister of Investment and International Cooperation, Sahar Nasr, said that her ministry was working to eliminate red tape and bureaucratic measures that discourage investment, Egypt Oil & Gas reports.

Easing the bureaucratic process is essential to the reform process, the minister noted in a statement released by the ministry.

The ministry, she said, has been active in developing a new investment climate. The government has adopted new investment laws and has sought to streamline the investment process to make the Egyptian economy more attractive to investors.

Higher investment rates, Nasr believes, will lead to economic growth and create jobs.

The Egyptian government approved a new investment law in June 2017, according to Reuters. In August, the Egyptian Cabinet approved regulations for the law.

Egypt recently surpassed South Africa to become the number one investment destination in Africa according to Rand Merchant Bank’s report, Where to Invest in Africa 2018, Al Ahram reports.

In fiscal year (FY) 2016/2017, foreign direct investment (FDI) rose 14.5%, Amwal Al Ghad reports.