Minister of Investment and International Cooperation Sahar Nasr, and Minister of Supply and Internal Trade Ali El Moselhy, signed a cooperation protocol between both ministries on Monday.
The protocol aims to activate the services of linking the commercial registry offices to the General Authority For Investment and Free Zones (GAFI) and its current and planned branches, as well as activating the granting of approvals, permits and licenses, and activating the system of providing services electronically at the investor services centres at GAFI headquarters.
Nasr said that this protocol aims at simplifying and facilitating procedures for providing establishment and post-incorporation services and granting approvals, permits and licenses to investors in coordination between the parties.
She noted that Egypt’s comprehensive investment map prepared by the ministry includes all investment opportunities in all fields such as housing, industry, education, health, and trade, as well as the places of services and tax incentives in each region. The map will be updated continuously, according to Nasr.
For his part, El Moselhy said that a joint executive committee will be established to set the mechanisms, controls and executive procedures necessary to achieve the objectives of this protocol and follow up implementation.
He pointed out that the commercial registry offices attached to GAFI and its branches will have priority in applying the unified registry system with other bodies. They will also be prioritised in the digitisation of the services provided and activating electronic linking and applying the electronic payment and signing systems.
He stressed that Egypt’s biggest challenge is attracting domestic and foreign investments, praising the efforts exerted by the Ministry of Investment and International Cooperation in attracting investments. He pointed out that this protocol was agreed upon with the minister of investment and international cooperation two days ago and was processed during 24 hours as a result of fruitful and rapid cooperation between the two ministries.
He pointed out that the map of internal trade will be linked to Egypt’s comprehensive investment map prepared by the Ministry of Investment and International Cooperation to be a comprehensive map of all investment opportunities in all fields.