Egypt’s General Authority for Investment and Free Zones (GAFI) has held a series of meetings with major international companies to discuss their business engagement in the country. The meetings also sought to explore opportunities for expansion with companies already present in Egypt.
In this context, GAFI Executive Director Mohamed Abdel Wahab met with Emad Ghaly, CEO of Siemens in Egypt and President of the German Arab Chamber of Industry and Commerce (GACIC).
During the meeting, the two sides agreed to continuously activate communication channels with the German business community, through a monthly meeting with representatives from German companies. The monthly meetings will take place at the GAFI headquarters, and will focus on attracting more German investments into Egypt.
Abdel Wahab noted that GAFI will hold a virtual meeting with GACIC in September, with about 120 German companies set to participate. The meeting will present the developments in Egypt’s economy, and will highlight areas of cooperation and investment opportunities in top priority sectors.
The meeting between GAFI and Siemens also tackled the most important facilitative measures taken by the authority to follow up on business conducted by companies present in Egypt. The meeting also discussed the role of these measures in creating an attractive investment climate in the country through incorporation services, electronic signature facilities, and holding general assemblies through virtual communication technologies.
Siemens is one of the largest multi-sector companies operating in fields such as energy, mechanisation, e-number services and medical equipment.
The company has committed its involvement in three 14.4GW power plants in Egypt, at a total cost of €6bn. Siemens is also set to establish a technical and vocational training centre, alongside a 40,000-sqm workshop for services and maintenance in Ain Sokhna.