Resolving investor issues, promoting state projects main tasks of General Authority for Investment

CAIRO – 22 November 2020: The two most important tasks of the General Authority for Investment and Free Zones (GAFI) are resolving all issues faced by investors as well as promoting and marketing projects executed by the state, Prime Minister Mostafa Madbouly told GAFI's head Mohamed Abdel Wahab.

In a Sunday meeting with the prime minister, GAFI's exectuvie director, Abdel Wahab presented procedures to improve the investment climate in Egypt, such as forming a ministerial committee for investment, another group for improving investment and maximizing the participation of the private sector, as well as a tourist ministerial group.

Abdel Wahab said GAFI amended the executive statute of the investment law, confirming rules governing incentives given to expanding investment projects, designating the areas most needy of investment; hence more incentives or investors. GAFI has met with 1,180 investors since January to better understand the requirements of investment in Egypt.

Efforts to promote investment have culminated in, most notably, the increase of Samsung investments by $84 million in five years, while Pfizer’s investments increased by$70 million in 2020/2021, and Pepsico’s by $100 million in the same fiscal year.

Ten centers providing investor services will have been opened and six are still underway, while a virtual outlet for investors will also be launched soon, according to Abdel Wahab.

The investment capital at free zones amount to $13.3 billion in projects that allow 201,000 job opportunities.

Exports at free zones are stable despite the coronavirus pandemic. From January to September, 31 new projects have been approved at an investment cost of $1.1 billion.

Cairo, Giza, Sharkia and Damietta alone incude 7 investment zones with 938 projects in different sectors at an investment of L.E.29B.