Minister announces new service for investors

CAIRO – 19 July 2017: Minister of Investment and International Cooperation Sahar Nasr announced on Tuesday the launching of the Establish by Yourself service via the Ministry’s website, where investors can establish their businesses online with no need to physically go to the General Authority for Investment and Free Zones (GAFI).

The statement was made during a forum organized by the Canadian Egyptian Business Council (CEBC), which also hosted the Minister of Supply Ali El Meselhy, and the Minister of Transportation Hisham Farahat.

The investment minister said that investors now have three options to establish their businesses; either through GAFI or its accredited offices around the country, or regular measures through concerned ministries. A call center has also been set up to address investors’ inquiries.

Nasr added that the legislative aspect is pivotal to facilitate investment procedures, which would be achieved through the executive branch. She noted the Cabinet approved the laws regulating companies, which were amended following a dialogue with individuals and entities concerned.

The minister added that the Investment Map, which grants 600 job opportunities, is being carried out in coordination with the ministries of health, oil, transportation and electricity, stressing that infrastructure and transportation networks are pivotal for investments.

Nasr declared that the ministry is establishing free zones in all governorates to encourage investments, especially small- and medium-sized enterprises who receive 50 percent of all grants from foreign and international organizations.

The minister affirmed that one advantage of the fusion of the ministries of investment and international cooperation is allocating a training center for employees and workers within every investment zone.

Nasr announced that 15 contracts had been signed between the Suez Canal Economic Zone and investors.

Nasr clarified that the initial public offering program of some shares of public companies is not a privatization process, rather it is an attempt to support the Egyptian Exchange and to build trust with the private sector.