Egypt witnessed a 71% increase in FDI net inflows to $9bn in fiscal year (FY) 2021/22, according to CEO of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba.
He said that Egypt remained an attractive market, despite all global changes and challenges.
Heiba pointed out that there is an adequate foreign currency flow in the Egyptian economy, whether from tourism, Suez Canal, or exports, which increased by 18% in the first half of the current year.
He elaborated that a study is currently underway to conduct a classification of companies, so that a golden license is granted to a certain category of companies, another silver license with another standard, and a platinum license with other standards. Additionally, 70% of the companies that obtained a golden license have already started operations, and 17 licences have been granted.
GAFI CEO highlighted that the one-stop shop system currently applied in the Authority includes the various entities concerned with the field of investment, and they are about 67 different entities. Accordingly, the investor submits his request in one place.
Heiba explained that there is an after-sales service for investors, which means following up on the investor’s problems and their types, and working on resolving them in an average of 125 days.
Egypt has become a global centre for the manufacture of home appliances, and in some companies, local production has reached 70% of the total components of the appliances. Moreover, approximately 80% of the largest international companies in the field of home appliances have investments in Egypt, including about 3 projects that obtained the Golden Licence, including the largest company in the world in the field of home appliances, the Chinese Haier company. The purpose is to create a logistic center for the manufacture of household appliances in Egypt, with a local component of up to 90% within five years, according to Heiba.
He concluded: “The GAFI is interested in the real estate sector and supports all its parties because it is one of the important aspects of export and support for the Egyptian economy.”
