Counselor Amr Abdel Razeq, former president of the Supreme State Security Court, said in an interview with Al-Masry al-Youm that the recent amendment to the investment law is unconstitutional because the law was issued by a presidential decree while the amendment was issued by the Cabinet.
Q: What do you think of the new investment law?
A: I took part in formulating it. I believe it would help attract foreign and domestic investments because it facilitates procedures for investors through the so called one-stop system.
Two months after its release, however, the Cabinet decided to amend it, in violation of the constitution.
Q: Why is it a violation?
A: Because the law was issued by a presidential decree while the amendment was issued by the Cabinet.
Q: What should be done about that?
A: Devise a draft law for the Cabinet to submit to the president to endorse.
Q: Should any application of that law be considered void?
A: A law issued by an incompetent and non-specialized body is void.
Q: Was the law issued in haste just for the Sharm el-Sheikh Economic Conference?
Edited translation from Al-Masry Al-Youm