Prime Minister Mostafa Madbouly met with Hossam Heiba, the CEO of the General Authority for Investment and Free Zones (GAFI), to review several files related to the authority’s work and efforts to boost investment.
During the meeting, the Prime Minister instructed the organization of a meeting with the Minister of Housing, Utilities, and Urban Communities and the GAFI CEO. The meeting aims to increase the number of public free zones in new cities. The Ministry of Housing, through the New Urban Communities Authority, will be in charge of preparing and equipping these public free zones in new cities. The Investment Authority will handle the operation and attraction of manufacturers for these zones. An agreement will be made to share the profits with the New Urban Communities Authority through a partnership system based on specific percentages.
Hossam Heiba highlighted the continuous efforts of the authority to simplify procedures that help attract more local and foreign investments in various sectors. He mentioned ongoing preparations for a promotional tour that involves visits to several countries to introduce available investment opportunities, facilitations, and incentives in various sectors. He explained that this tour is being organized in collaboration with the Investment Authority and the Suez Canal Economic Zone, in line with the integrated efforts of the state to attract investments.
Heiba pointed out that despite current global challenges, the Egyptian market still attracts interest from various investors to inject more investments in the coming period. He noted the expressed intentions of several Turkish companies to expand their investments in Egypt, confirming coordination with these companies and efforts to provide more facilitations to attract them.
He highlighted the ongoing preparation for a legislative amendment specific to the Companies Law, which has not been updated for years. The initial vision for the amendments will be sent to relevant ministries for opinions. Additionally, dialogues and discussions will be held with the business community regarding this law. The amendments aim to align with developments over recent years and provide the required facilitations.
