Mr. Hossam Haeiba, GAFI CEO, said that the Egyptian economy witnessed the establishment of 32,447 companies in the fiscal year 2022/2023, compared to 30,961 companies in the fiscal year 2021/2022, which confirms the attractiveness of the Egyptian economy despite global challenges. During his participation at the Egyptian-Qatari Business Forum, in the presence of Eng. Ahmed Samir, Minister of Trade and Industry, Eng. Mahmoud Esmat, Minister of Public Business Sector, Sheikh Mohammed bin Hamad bin Qassim Al-Abdullah Al Thani, Qatari Minister of Commerce and Industry, Mr. Ayman Soliman, CEO of the Sovereign Fund of Egypt, and Sheikh Khalifa Bin Jassim bin Mohammed Al Thani, Chairman of the Qatar Chamber of Commerce and Industry, and Mr. Ahmed Al-Wakil, President of the General Federation of Egyptian Chambers of Commerce.
Mr. Hossam Haeiba added that the Egyptian economy has witnessed, over the past nine years, a clear leap in infrastructure and the legislative climate with the aim of increasing the competitiveness of the economy, attracting new investments, and stimulating existing companies to expand, which led to inject additional financing for the purpose of expansion for the last fiscal year through 1,555 companies. FDI net inflows exceeded ten billion dollars for the first time since the global financial crisis.
GAFI CEO confirmed that the Egyptian government has provided many tax and non-tax incentives to investors, up to a tax exemption for a period of five years, renewable for one period, according to economic activity and geographical scope.
Mr. Hossam Haeiba reviewed the development of the electronic investment system during the last period, as the electronic incorporation service was launched within a period not exceeding two hours. The investor can also review the investment opportunities available on Egypt’s investment map, and choose the appropriate opportunity for his orientations and aspirations, provided that plots of land are allocated for investors within a period of time not exceeding 21 working days. He indicated that the electronic platform will be launched to obtain the Golden License within days, which is a comprehensive approval for all licenses and permits for new projects and their operation, and will be issued within 20 working days only.
For his part, Sheikh Mohammed bin Hamad bin Qassim Al Abdullah Al Thani, Qatari Minister of Commerce and Industry, announced that Egypt is the ideal investment destination for the Qatari side, due to the strength of relations between the two countries and the attractive investment climate. As a result, the Qatari investments in Egypt amounted to $5.5 billion.