According to a new report on the country’s investment policies presented at the signing ceremony in July, barriers to entry have been eased for both domestic and foreign investors, customs procedures streamlined and a dedicated ministry set up in 2004 to promote and manage investment. The tax system in particular has been streamlined, with the corporate income tax rate cut from between 32% and 40% to a uniform 20% and the approximately 3,000 different types of exemptions eliminated.The Investment Policy Review of Egypt 2007 says foreign direct investment inflows increased twelve-fold between 2001 and 2006, reaching $9 billion in the first three quarters of its 2007 fiscal year, compared with $6.1 billion for 2006 as a whole. Egypt has agreed to review restrictions in areas like tourism construction, courier services and exports. Further easing of restrictions would attract more investment, increas competition and benefit the economy a a whole, the new OECD report says.See www.oecd.org/investment ©OECD Observer No. 262, July 2007