Egypt witnessed an increase in foreign direct investment inflows by 70% to $7bn during the past two years, Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), has said.
He believes that restructuring the investment system begins with the first step of persuading foreign or local investors to invest in Egypt, then helping them solve any problems or disputes they come across, whether with the government or with each other.
Heiba said that the investment climate depends mainly on trust investors and the country they wish to invest in. He explained that this is what the Egyptian government is currently seeking to work on through a series of regular meetings, in the presence of the Prime Minister, to discuss the plans to attract investments.
He mentioned this in the speech he delivered during the launch of the fourth edition of the Egyptians Abroad Conference on Monday. It was held under the auspices of Prime Minister Moustafa Madbouly, as well as the Ministers of Finance, Immigration, Social Solidarity, Education and Culture, in addition to several representatives in the parliament and a group of public figures.
Heiba explained that in terms of investments, the Egyptian laws make no discrimination between Egyptian and foreign investors. “Investment opportunities are equally available for everyone,” he said.
Heiba also pointed out that the current plan has several aspects. They include but are not limited to improving the work environment, and promoting investment in Egypt.
The parliamentary amendments are deemed revolutionary and change the Egyptian economy to attract and stimulate the private sector and increase its participation.
He added that the situation of the companies applying for the Golden Licence was discussed, noting that 17 licenses have been issued and three others will be delivered within days. Heiba indicated that companies will easily be established within 48 hours and with digital transformation, that time can be cut even further.
He concluded that a one-year residency is allowed for foreign investors during the establishment of their company in Egypt, and it gets renewed for a period of five years.