Egypt's GAFI holds investment promotion meetings in Belgium

CAIRO – 22 February 2024: The General Authority for Investment and Free Zones (GAFI) held Thursday an investment promotion session in Brussels in preparation for the investment conference Egypt will hold later this year.

The session was attended by heads of the investment agencies in the Flemish Region, the Brussels-Capital Region, and the Walloon Region as well as representatives of major Belgian companies working in the sectors of new and renewable energy, green hydrogen, logistics, infrastructure, banking, and ports.

GAFI Chairman Hossam Heiba presented the ongoing economic reform undertaken by Egypt and investment incentives, answering the questions of Belgian investors who eye the fields of solar power, wind energy, green hydrogen, and green ammonia among others. It is noted that Europe aims for importing 10 GW of renewable energy per annum.  

 

 The Egyptian Embassy in Brussels had also organized meetings for the Egyptian delegation headed by Heiba with the representatives of Business Europe, Arab-Belgian-Luxembourg Chamber of Commerce (ABLCC), and Solar Power Europe.

Chairman of the Suez Canal Economic Zone (SCzone) Walid Gamal el-Din presented the advantages of the zone which extends to six ports situated on the shores on the Mediterranean and the Red Sea. Those are West Port Said Port and Arish Port on the former, and Adabeya Port, Tor Port, Suez Port, and Ain Sokhna Port on the latter.

Gamal el-Din showcased the infrastructure introduced to localize certain industries in the SCzone, especially green hydrogen, expressing keenness on building more partnerships with European firms.

On another level, Economic Consultant to the Prime Minister Gihane Saleh shed light on the State Ownership Document released in 2022 to designate the sectors where the state will continue to compete, and others where it will withdraw.