Briefs

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New insurance laws

WHILST chairing the Supreme Insurance Council in Tanta, Minister of Investment Mahmoud Mohieddin announced that three draft laws -- aimed at expanding the insurance market and boosting the contribution of the insurance sector in economic development -- will come before the current session of the People's Assembly.

When passed, the new legislation will reduce the stamp duty on property insurance premiums by 50 per cent and abolish it altogether on personal insurance. The second draft law will allow for new insurance brokerage companies to be formed alongside the 8,000 that currently exist while the third law seeks to modify regulations governing the compulsory insurance of cars and is expected to benefit the four public sector insurance companies. It sets a ceiling of LE20,000 on compensation.

The Ministry of Investment also announced that it will collaborate with the Ministry of Interior on fixing the level of compulsory insurance premiums.

French connection

CHRISTINE La Garde, French foreign trade minister, was in Egypt this week for talks aimed at boosting trade and investment ties. Egyptian exports to France in 2005 reached 650 million euros, double last year's figure, with natural gas accounting for much of the increase.

Rachid Mohamed Rachid, minister of trade and industry, said that Egypt is seeking to benefit from French expertise in improving industrial zones, the bread industry and distribution practices. The two ministers also discussed multilateral trade talks in the wake of the ministerial meeting in Hong Kong.

La Garde also met Prime Minister Ahmed Nazif and the ministers of investment, telecommunications, international cooperation, transport, and finance. During her stay she inaugurated Alcatel's Cairo-based Centre for the Development of Electronic Content, a joint Egyptian-French project operated by five Egyptian companies alongside Alcatel, the French telecommunications giant. The centre will focus on developing programmes and data services for cellular phones with Alcatel providing expertise, technical training and the necessary operating systems.