Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), announced Wednesday that the authority collaborated with the Ministry of Communications and Information Technology to upgrade its service platform. The aim is to equip the authority with AI technologies to analyze the data of economic entities operating under its umbrella, to generate both short- and long-term solutions and strategies that will enhance Egypt’s investment environment.
According to Heiba, around 400,000 economic entities operate under the authority’s umbrella out of approximately 6 million active enterprises in Egypt. He made these remarks while participating in the fifth edition of the “Investing in Egypt’s Future” conference, organized by the General Federation of Egyptian Chambers of Commerce.
While Egypt leads African nations in attracting investment flows, Heiba emphasised that the country faces fierce competition in its pursuit of new investments, particularly in the ever-evolving digital and information technology sector. This sector regularly sees new financing mechanisms, investment systems, and innovative procedures and legislations tailored to its unique nature.
Heiba highlighted the authority’s efforts to create a favourable environment for tech companies, including the digitization of services, the introduction of electronic company incorporation, and procedural adjustments to facilitate the establishment of sole proprietorships and virtual companies. Additionally, for the first time, the authority is allowing service activities to be integrated into the range of businesses permitted to operate in free zones, aiming to boost Egypt’s service exports.
He said that GAFI launched a permanent unit for supporting startups and entrepreneurship. This unit coordinates efforts among all stakeholders in this fast-growing sector, providing entrepreneurs with information on the services and benefits available to startups.
