Emigration Minister, GAFI discuss establishing joint-stock company for Egyptian expatriates

Daily News Egypt
3 Min Read

Chief Executive Director of the General Authority for Investment and Free Zones (GAFI) Mohamed Abdel Wahab received Minister of Expatriate Affairs Soha Al-Gendy to discuss mechanisms for establishing a joint-stock company for Egyptian expatriates to offer them shares in national projects.

These are recommendations that came out of the third edition of the Conference of Egyptian Entities Abroad that was held at the New Administrative Capital (NAC) in August.

Al-Gendy praised the use of AI and IT to attract investors, presenting the ministry’s plan to provide incentives to Egyptian citizens abroad through an online application prepared in cooperation with the Ministry of Communications and Information Technology.

The minister noted that a list will be prepared that includes Egyptian investors abroad to communicate with them and promote the investment map of Egypt.

She further added that coordination is underway with the GAFI to set up work teams and propose a strategy for the coming period.

For his part, Abdel Wahab highlighted the importance of continuing cooperation with Emigration Ministry, building on the cooperation protocol signed with the ministry and establishing a unit in the GAFI dedicated to receiving Egyptian expatriates to provide data and all services that facilitate their investment projects.

A special unit for Egyptian investors abroad was established to handle those wishing to launch investment projects in Egypt and positively assist them in overcoming obstacles they encounter when obtaining services.

This is in addition to developing links with Egyptian expatriates by providing them with information and answering their inquiries in a way that helps them to identify permanently and continuously the available investment opportunities, plan their contributions to national projects, and activate their participation in the comprehensive development plan, Abdel Wahab elaborated.

Furthermore, the two sides agreed to form a bilateral committee to discuss executive procedures for facilitation, projects, and incentives, and to divide potential investors according to their geographical locations and according to specialisations and interests.

Additionally, they agreed to communicate with Egyptian experts participating in the Egypt Can with Investment and Egypt Can with Industry conference to listen to their vision, benefit from their experiences, and present available investment opportunities to attract more investors.

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