By Rana Yehia
The seventh conference of the International Chamber of Commerce (ICC) in the Middle East and North Africa (MENA) region declared the meetings of the Court of Arbitration next October will take place in Egypt, according to an ICC statement.
On Sunday, Egypt hosted the seventh annual reunion of the leaders of the ICC in the MENA states, in the presence of Egyptian Minister of Supply and Internal Trade Khaled Hanafy.
The Paris-based chamber is the private sector’s official worldwide representative, representing the sector in all UN bodies and international forums, head of the Egyptian Committee in the ICC, Mohamed Farid Khamis, announced.
The ICC, including the International Court of Arbitration and the World Chambers Federation, targets the development of international trade and the investment trough founding international banking systems and assets of competition. Khamis added that it also combats monopolisation and works to protect the consumer.
The reunion seeks to unify the efforts of MENA countries and to agree on having one negotiated vote in various matters in front of the ICC, Khamis added. He announced that it has been agreed that Egypt will host the meetings of the Court of Arbitration next October.
Egypt’s business climate witnessed a development, as well as a revolution in legislation and procedures. Many legislations and procedures supporting business performance were amended, head of the Federation of Egyptian Chambers of Commerce (FEDCOC), Ahmed El-Wakil, said.
However, Hanafy stressed the significance of the private sector’s role in the development through real partnership with the government, whether in the legislative and procedural revolution, or in investing to create employment opportunities. He noted that the opportunity is opened for the private sector to participate in major projects and to invest in infrastructure.