In a strategic move to strengthen economic ties, Mr. Hossam Heiba, Chief Executive Officer of the General Authority for Investment and Free Zones (GAFI CEO), met with Ms. Vendetta Michaella Bio, Special Envoy to H.E. President Julius Maada Bio of Sierra Leone, to discuss advancing investment cooperation between the two nations. The meeting also included Head of GAFI’s Promotion Sector, Mr. Ahmed Badawy; Africa Investment Relations Officer, Ms. Sarah Abdel Latif; and, Sierra Leone’s Ambassador to Egypt, Ambassador Sadiq Sillah.
The discussions centered around preparations for the Egypt-Sierra Leone Business Forum, scheduled to coincide with President Bio’s visit to Egypt later this month. Topics of interest included sectors such as public transportation bus manufacturing, food industries, agricultural pest control, vaccine and pharmaceutical production, renewable energy, mining, vocational education, and infrastructure, with an emphasis on roads, communication towers, and grain silos.
Mr. Hossam Heiba emphasized GAFI's commitment to encouraging and supporting Egyptian companies in penetrating African markets both for exports and investments. He highlighted that Sierra Leone could become a key investment partner for the Egyptian business community in West Africa, following Kenya and Tanzania's emergence as major hubs for Egyptian investments in the East.
GAFI CEO reviewed the growth in capabilities and expertise within industrial and service sectors that the Sierra Leonean government is targeting for export and investment flows. He noted Egypt's success in increasing local content across several sectors, particularly in renewable energy, vaccine production, plasma derivatives, and mass transit buses, in addition to strengthening Egypt's leadership in Africa's telecommunications and information technology infrastructure.
Moreover, Mr. Hossam Heiba affirmed the success of the investment forums organized by GAFI with investors from African countries, including Sudan, South Africa, Tanzania, and others. These forums witnessed the signing of major investment agreements between the business communities of both sides, which were promptly implemented on the ground in record time, which is an outcome of meticulous preparation and a strategic focus on sectors of mutual interest.
GAFI CEO announced that a field visit will be organized for the Sierra Leonean government delegations and companies to explore Egypt’s investment environment and the potential for investment cooperation with Egyptian companies. During the forum sessions, the latest developments in Egypt’s investment climate will be presented, including various investment frameworks such as public and private free zones, investment zones, and technology zones.
The forum will also highlight the evolution of presenting investment opportunities on Egypt’s Investment Map, the efforts of the Entrepreneurship Unit and Startups hosted by GAFI to support Egypt’s entrepreneurial community, and GAFI’s initiatives to streamline investment procedures, foremost among them the Golden License, which consolidates all necessary approvals for company incorporation and operation into a comprehensive approval.
Ms. Vendetta Michaella Bio stated that Egyptian exports enjoy wide acceptance among the people of Sierra Leone, which is why the political leadership is keen on localizing the production of Egyptian goods in Sierra Leone. She pointed out that her country has witnessed significant Egyptian investments in the infrastructure sector, but there are other opportunities for investment cooperation between the two countries in many other sectors.
Ambassador Sadiq Sillah, Ambassador of the Republic of Sierra Leone in Egypt, conveyed the desire of the National Investment Board in Sierra Leone to benefit from Egyptian expertise in managing free zones and to develop a work plan to deepen investment cooperation between the National Investment Board and GAFI.
