Egypt’s State Ownership Policy Document has paved the way for the local, Arab, and foreign private sector to contribute to economic development by stipulating the state’s exit from economic sectors that account for about 85% of GDP, the head of the country’s investment authority has said.
Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), made the comments during the main session of the Egypt-Gulf Trade and Investment Forum in Cairo.
“The government aims for Egypt to be a regional centre in specific sectors where it has a high competitive advantage, primarily energy, tourism, and industry,” Heiba said. “GAFI has prepared its promotional plan to contribute to achieving these goals, and we have succeeded in attracting Arab and foreign investments in these sectors.”
Heiba reviewed the legislative and procedural amendments launched by the government to improve the investment environment since the 2017 investment law. He noted that GAFI has moved to the electronic establishment of companies and the digitalisation of services provided to investors.
“The successful Arab investor in Egypt is the most important element of promotion for the Egyptian economy, so the expansions of current investors receive the same incentives granted to new investments,” he added.
GAFI now includes a dedicated department for investor care and a dispute settlement centre, meaning that most challenges faced by investors are resolved in the shortest possible time, Heiba said.
