CAIRO, Mar 4 (Aswat Masriya) - Egypt's cabinet approved on Wednesday a final draft of the investment law, ahead of the country's long awaited investment summit, due to be held later this month.

Mehleb told reports following a cabinet meeting that the law now awaits the president's ratification to be formally issued, reported Reuters.

The draft legislation was first approved late Tuesday by the Supreme Committee for Legislative Reform, based on two drafts submitted by the committee and the Investment Ministry.

Mehleb said in a statement on Tuesday the law will be subject to a "societal dialogue", so that all those who contributed to its drafting would clarify "the goals of the law and its importance" to the public. 

"Egypt and the whole world is waiting for the investment law with passion and interest," Mehleb said.

Egypt is keen on issuing a new legislation to govern investment, coinciding with the anticipated investment summit, due to be held on March 13-15 in the resort town of Sharm el-Sheikh.

The government has long been campaigning for the summit among regional and international trade allies. It strongly believes heavy participation in the conference would help in the recovery of an economy battered by political turmoil during the past four years.

Investment Minister Ashraf Salman told reporters on Tuesday that the draft law includes incentives and benefits to reduce production costs, which would in turn encourage investment.

The draft does not include new tax incentives, Salman said, adding that replacing such incentives with a uniform tax policy is becoming an international norm.