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Egypt is now the region’s stellar performer in terms of FDI. GAFI estimates FDI flows at USbn in , significantly above Links of London US.bn attracted in . One of Ahmed Nazif’s first acts on once appointed as prime minister was to set up a Ministry of Investment, charged with overseeing investment policy. The ministry has helped to quicken the pace of reform of the business climate, in areas such as easing FDI entry, simplifying customs procedures, labour relations, and foreign exchange requirements. Over the last two years, new customs and tax laws have been introduced to support reforms in the financial Links of London Bookworm Charm sector. The government has also cut the minimum capital required to start a business from EGP, to EGP, cut startup times by half and reduced the cost of registering property from of the property value to a low fixed fee. In addition, some formal restrictions on FDI entry have been eased, with the abolition of the ceiling on foreign ownership in commercial banking and insurance. This has resulted in major international banks increasing their presence in Egypt. These changes built on the already conducive if underexploited Investment Incentives Law, which was passed in . The law allows foreign Links of London Bunny Pink Charm of investment projects and guarantees the right to remit income earned in Egypt and to repatriate capital. It also enshrines the right to own land the right to maintain foreigncurrency bank accounts freedom from administrative attachment the right to repatriate capital and profits equal treatment regardless of nationality and guarantees against confiscation, sequestration, and nationalisation. Foreign investment in manufacturing has been fully liberalised, with the exception of defencerelated industries. Foreign equity participation in financial services and privately owned telecommunications services is permitted Links of London Butterfly Charm to . Egypt has promised to ease restrictions identified by the OECD, including some quotas for foreign workers, limits on the services foreign nationals are allowed to offer and the requirement that foreign investors in the construction sector must set up JV companies with parastatal organistations with equity below .