Mohamed Abdel Wahab, Executive Director of the General Authority for Investment and Free Zones (GAFI), met with ambassadors of 24 countries to Cairo, to discuss investment cooperation.
He presented the Egyptian government’s plan to improve the business environment in the coming period, and its measures to encourage foreign investment.
Abdel Wahab stressed the importance of this meeting, as the 24 countries account for a large share of global output, investment, and trade flows around the world, and there are great prospects for investment cooperation between Egypt and those countries.
He reviewed the most important decisions issued by Prime Minister Mostafa Madbouly, which would provide incentives and support for investment activities related to the green economy, artificial intelligence, innovation support, scientific research projects, and localization of the industry, in addition to reducing the time required to issue the necessary approvals, licences, or permits for investment projects, and deciding on them within 20 working days. The decisions also included identifying some areas of strategic projects and procedures for obtaining a single approval to establish the project, stressing the keenness of the Authority and the various national authorities in the country to improve the business environment in Egypt and solve the challenges before investors.
He also gave a presentation on the investment climate in Egypt, and the investment opportunities available, especially in major national projects to enhance joint cooperation during the coming period. It was agreed to form a working group between the Ministry of Foreign Affairs, the Investment Authority and representatives of the countries participating in the meeting to facilitate and speed communication with the targeted companies in those countries, and periodically exchanging information related to the developments of the investment climate in Egypt, as well as receiving delegations of businessmen interested in exploring investment opportunities.
The participating ambassadors are from Japan, China, Vietnam, Bangladesh, Sri Lanka, Singapore, Indonesia, Pakistan, South Korea, North Korea, Thailand, Brunei, Mongolia, Malaysia, Myanmar, Nepal, Kazakhstan, Tajikistan, Uzbekistan, India, the Philippines, Cambodia, Australia, and New Zealand. Ayman Kamel, Assistant Foreign Minister for Asian Affairs, also attended the meeting.
The ambassadors were also briefed on the updated version of Egypt’s investment map, which includes more than 2500 investment opportunities, a number of sectoral studies, and indicative feasibility studies, which allow the investor to apply for investment opportunities and proposals, follow the stages of studying the submitted applications, pay the financial dues, and announce the results electronically. This is within the framework of the Authority’s plan to keep pace with the state’s plan for digital transformation.
Abdel Wahab accompanied the ambassadors on a tour in the Investor Services Centre, which includes authorized representatives of more than 65 governmental and non-governmental agencies associated with providing services to investment activities.