CAIRO: In accordance with recent amendments to the Investment Law, Egypt’s free zones will no longer host industrial projects only, but will extend to include agricultural and service-oriented projects.
That is what Minister of Investment Mahmoud Mohieldin confirmed yesterday during announcing the organization of the Second Cairo Investment Forum taking place next December.
“This year’s forum will tackle issues raised by the [amended investment] law including means of effectively abolishing bureaucracy, said Mohieldin. “The forum will thoroughly discuss technical issues related to boosting investment in the country.
For the first time, the minister added, the forum will unveil potential investment opportunities in areas other than industry and real estate. It will also pay particular attention to boosting agriculture, paving the way towards increasing the country’s exports.
The forum will receive over 1,000 participants from 20 Arab states to further promote Arab investments in the country, particularly in sectors including real estate, finance and banking, tourism and agriculture.
Held under the auspices of President Mubarak and inaugurated by Prime Minister Ahmed Nazif, the forum will also bring together several ministerial figures as well as influential Egyptian and Arab businessmen to engage in debates on developing investment opportunities and eliminating impediments investors face in Egypt.
“One of our main goals is to promote and facilitate investment in [overlooked] provinces such as Upper Egypt and Suez. Investors are usually not aware of opportunities that lie in these provinces, said Ziad Bahaa El-Din, chairman of General Authority for Investment and Free Zone (GAFI) – one of the sponsors of the forum. “We will also focus on launching strategic public-private-partnership initiatives in several fields including education, health, and infrastructure development.
GAFI will also cooperate with different investors to launch new industrial zones throughout the country.
“GAFI will also provide investors with a step-by-step guide of how to establish new investment zones in the country, which will attract more and more investors into the country, added Mohieldin. “Various investors have been asking us to provide them with an ‘investment road-map’ that highlights vital investment opportunities in the country.
Together with GAFI, the ministry has produced the [road-map] which includes all sectors of investment and is updated every three months.
