Government attaches great importance to attracting environmentally friendly investments: GAFI

Daily News Egypt
3 Min Read

Executive Director of the General Authority for Investment and Free Zones (GAFI) Mohamed Abdel Wahab has met a delegation of major Polish companies to discuss opportunities for cooperation and investment partnership between the two countries in the clean energy and environmentally friendly industries.

The meeting was attended by representatives of major Polish companies in the fields of smart city construction and management, green technology, environmentally friendly construction and building, representatives of the Polish Investment and Trade Agency, and the Board of Directors of the Polish Development Bank.

Abdel Wahab called on the Polish business community to forge investment partnerships with the Egyptian business community; to benefit from the Polish technology, Egypt’s distinguished location, and the investment and trade agreements concluded by Egypt, which ensures the success of the investment partnership between the two countries.

He stressed that the Egyptian government attaches great importance to attracting environmentally friendly investments, as the Cabinet approved granting investment activities related to the green economy many tax and non-tax incentives, in addition to Egypt hosting the Conference of the Parties to the United Nations Convention on Climate Change COP27 for the year 2022, in Sharm El-Sheikh.

Abdel Wahab also referred to the government’s efforts to simplify investment procedures and set a specific time frame for providing services to investors, and on top of these procedures was the establishment of the Golden License Unit, which grants companies a single license that includes building and operating licenses.

He stressed that GAFI seeks to enhance cooperation with the Polish Agency for Investment and Trade in the field of strengthening bilateral investment relations, as a memorandum of understanding will be signed with the Polish Agency to establish a practical framework to enhance bilateral cooperation, in a way that helps in implementing the development goals in both countries through encouraging mutual investments, establishing joint investment projects, and exchanging visits of businessmen in order to identify the best practices and experiences of each party in promoting investments, as well as exchanging technical expertise in the field of services provided to investors and ways to settle investment disputes.

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