CAIRO: The government will explore possible avenues for granting foreign investors a special card to help ease investment in Egypt if they are asked said Investment Minister Mahmoud Mohieddin.
This card, which has already been provided for Arab investors, might also be given to foreign investors if there is enough demand. “There are no plans at the moment for there to be a similar card for foreign investors because they haven’t asked yet. If we do get requests through their channels, such as embassies or corporations, we will explore the possible avenues to making this happen, Mohieddin said.
Mohieddin was speaking at a press conference to announce the upcoming opening of the Cairo Investment Forum, which will be held on Dec. 10-11, organized jointly by the Ministry of Investment, Gafi (General Authority for Investment and Free Zones), and Al-Iktissad Wal-Aamal Group, an investment promotion agency (IPA), which aims to promote such investments in Egypt.
Mohieddin added, “We have created the card for the Arab investor, which will not require him to provide any other paperwork when dealing with any authority in Egypt, be it Gafi, or anyone else, or any bureaucratic institution.
According to Raouf Abu Zaky, general manager of Al-Iktissad Wal-Aamal Group, the aim of the forum is to “promote the Egyptian economy as a whole and promote investment in its different sectors. In addition Abu Zaky stated that “with many investors from many Arab countries attending the forum, it creates a great opportunity for them to meet and discuss possible joint ventures whether in Egypt or elsewhere in the Arab world.
The investment minister echoed Abu Zaky’s sentiments. “We encourage and call for increased cooperation between Arab countries in the area of investment, Mohieddin said.
The forum should play host to over 1,000 official representatives and corporate leaders from the Arab world and other countries. Some of the areas to be focused on in the forum will be privatization, banking and finance, tourism and services and oil, gas and petrochemicals.
