Economic lawsuits with a foreign element.

The law and economics are closely related, as both influence each other. The complexity of economic transactions has led to an increase in disputes and a rise in lawsuits filed in courts, reflecting the importance and status of law in society as it is a cornerstone for achieving economic objectives. Furthermore, the investment climate in any country is initially evaluated based on the judicial system in place. If an investor sees that this system is hindered by many obstacles, they will withhold their investments from that country. Conversely, if the judicial system provides timely justice, it encourages investment. The state has aimed for economic reform, promoting investment, and removing obstacles for investors. This is the matter that necessitated the search for rapid mechanisms aimed at expediting the resolution of economic disputes — particularly those involving foreign elements — through specialized courts, in order to achieve swift justice. Thus, the Economic Courts were established under Law No. 120 of 2008 issued on 22/5/2008, and the law came into effect on October 1, 2008. The purpose of establishing these courts is to expedite the resolution of economic disputes through specialized jurisdiction. The objective behind their establishment is to encourage investments — especially those of a foreign nature — and economic growth, as it is essential to promote foreign capital that comes from non-Egyptians to increase development rates. It has been ruled that the purpose of establishing specialized courts for economic disputes is to protect the economy and existing investments and encourage new investments, which necessitates the unification of judicial treatment for all economically-oriented cases.