GAFI, OECD launch Arabic Responsible Business Conduct in Egypt document

Cairo – January 19, 2025: The General Authority for Investment and Free Zones (GAFI), in collaboration with the Organization for Economic Cooperation and Development (OECD), hosted the launch of the Arabic version of the OECD’s guidelines for responsible business conduct.

At the event “Responsible Business Conduct in Egypt: Towards a Sustainable Future,” GAFI unveiled the Arabic translation of the OECD’s responsible business conduct guidelines aimed at multinational corporations. This initiative is part of Egypt’s broader efforts to align its economic practices with global sustainability standards.

Hassan El-Khatib, Minister of Investment and Foreign Trade, opened the event, highlighting the government’s dedication to aligning its national development plans with the United Nations’ Sustainable Development Goals (SDGs). He stressed that responsible business practices are a cornerstone of Egypt's economic and social growth, ensuring a sustainable future.

Mohamed Farid, Chairman of the Financial Regulatory Authority (FRA), also spoke at the event, emphasizing the importance of integrating sustainability within Egypt’s financial sector. He highlighted ongoing efforts to enhance corporate social responsibility disclosures across the non-banking financial sector.

Mahmoud Mohieldin, the UN Special Envoy for Financing the 2030 Agenda, reinforced the urgency of responsible business practices, stressing that it is no longer an option but an essential requirement for long-term business success and sustainability.

Hossam Heiba, Chairman of GAFI, reminded attendees that Egypt was the first Arab and African country to sign the OECD’s investment declaration in 2007. He further underlined GAFI's commitment to promoting responsible investments that align with sustainable growth goals.

Alan Lerberg Jørgensen, Head of the OECD Centre for Responsible Business Conduct, praised Egypt’s proactive approach in integrating responsible business policies, particularly the mandatory environmental, social, and governance (ESG) reporting requirements for publicly listed companies.

Sherif El-Masry, President of the International Trade Unions Confederation, emphasized the need for businesses to balance profitability with social responsibility, noting that trade unions play an essential role in safeguarding workers' rights and ensuring ethical business practices.

The event also highlighted the growing importance of corporate social responsibility (CSR) as an integral part of Egypt’s vision for sustainable development. Hisham Badr, Assistant Minister of Planning and Economic Development, discussed the role of CSR in fostering collaboration between the government, private sector, and civil society to drive sustainable development.

In addition, Mohamed Mandooh, Chairman of the Economic Committee at the National Council for Human Rights, underlined the importance of fostering dialogue among businesses, workers, and stakeholders to create a balanced, ethical business environment.

Mohamed Motamed, Assistant Minister of Environment, concluded the event by discussing the government’s efforts to incentivize the private sector to embrace sustainable, green practices through various tools, regulatory support, and financial incentives.

The discussions reinforced Egypt’s commitment to promoting responsible and sustainable business practices, with a clear focus on fostering growth and ensuring that businesses contribute positively to the country’s long-term development goals.