President Abdel Fattah Al-Sisi demanded the Administrative Control Authority (ACA) send him a weekly report on the performance of companies and the number of companies established in each period, as well as obstacles and difficulties facing them.
Al-Sisi stressed that the ACA and the cabinet are responsible for overseeing and inspecting the procedures implemented at Investment Service Centres.
On Wednesday, Al-Sisi inaugurated the Investors Services Centre, which has main offices located at the Ministry of Investment and International Cooperation, Sixth of October, and Gamasa cities.
He expressed his pleasure at the opening of a number of investors’ centres affiliated with the Ministry of Investment and International Cooperation in different Egyptian governorates.
He called ACA to assess performance to improve the investment climate through the follow-up and motivation group affiliated with the ACA.
The president noted that Egypt is keen to give full opportunity to all serious businesspersons and investors to operate in the Egyptian market.
Al-Sisi said that Egypt is a country with 100 million people. “If we can establish industries in all sectors, we will achieve self-sufficiency. I do not hesitate to do anything to contribute to the return of investment to Egypt. The infrastructure we have established has taken and cost a lot,” Al-Sisi added. “We can now tell investors that the country has a real opportunity to invest in Egypt. The investment environment in Egypt has become integrated and provides real opportunities for investors in Egypt.”
For her part, Minister of Investment and International Cooperation Sahar Nasr said that improving the investment climate is a difficult task that requires tight cooperation among all concerned state institutions.
Nasr pointed out that the Egyptian economy suffered the absence of a clear strategy for investment in the past.
In a speech at the inauguration of the Investors Service Centre at the ministry, Nasr said that the economy used to be very weak, and there was also much bureaucracy in state administrative bodies, but after 2014, “we have a clear vision and an ambitious economic reform programme.”
The minister acknowledged in her speech the deterioration of infrastructure, as well as the lack of a centre to serve investors and a one-stop-shop to finish all procedures.
“There was a need to develop a strategy to improve the investment climate. One of the most important features of the new Investment Law is the provision of a number of guarantees to investors, as well as incentives for sectors and regions such as Upper Egypt, Sinai, and Alamein,” the minister said.