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14 Nov 2023

Prime Minister reviews with GAFI CEO the results of promotional efforts to attract foreign investments to Egypt

Prime Minister reviews with GAFI CEO the results of promotional efforts to attract foreign investments to Egypt.

The target was to attract new foreign companies, improve the perception of investment in Egypt, promote investment opportunities in the targeted sectors and strengthen investment relations with business communities and economic institutions.

1250 opportunities are available on the investment map that are distributed across 56 relevant entities.

Dr. Mostafa Madbouly, Prime Minister, met yesterday evening with Mr. Hossam Heiba, CEO of the General Authority for Investment and Free Zones, to review the most prominent promotional efforts to attract foreign investments to Egypt.

At the outset of the meeting, Dr. Mostafa Madbouly pointed out the importance of attracting new foreign investments, while at the same time solving any problem facing current investors, in order to contribute to encouraging other investors, as well as expanding their projects. “The State has provided unprecedented facilities and incentives during the last period, especially to industrial investors, as part of its efforts to localize and deepen the industry” the Prime Minister added.

GAFI CEO confirmed that an action plan that keeps pace with the new changes has been developed, adding that such plan exploits the challenges resulting from the successive crises that affected the global economy, through transforming them into promising opportunities to attract more foreign investment to Egypt.

During the meeting, Mr. Hossam Heiba explained that there are several strategic objectives for promoting foreign investment, namely attracting new foreign companies, in addition to improving the mental image of investment in Egypt, promoting investment opportunities in the targeted sectors, and strengthening investment relations with business communities and economic institutions.

Counselor Sameh ElKhishin, the official Spokesman for the Council of Ministers, stated that the meeting addressed the pillars and frameworks of GAFI’s external promotional tours, which included bilateral meetings with the targeted companies, organizing business forums, workshops, and roundtables for the targeted companies and business communities. In addition, the tours included meetings with officials in economic institutions and international governmental bodies in order to strengthen investment relations, participate in international conferences and hold meetings with companies on the sidelines of such conferences, as well as communicating with foreign media to create a positive image of investment in Egypt.

The official Spokesman reported that during the meeting, the outcomes of visits made to a number of countries and the participation in various events were reviewed, as Mr. Hossam Heiba presented the most prominent results achieved from the promotional visits. He added that Hossam Heiba also talked about companies that took executive steps to invest in Egypt and discussed the companies that expressed their willingness to expand their investments.

The official spokesman added that during the meeting there was a discussion of the latest developments of the investment map, and that the issued updates are related to investment opportunities, sectoral studies, and indicative feasibility studies. Moreover, he mentioned that during the meeting, it was noted that workspaces have been allocated to 23 relevant entities, so that the employees of such entities could enter the data of the opportunity directly. In addition, the mechanism to promote investment opportunities for the private sector on the investment map is now available, in line with the government’s plan to maximize the role of the private sector.

With regards to the details of the investment map, Mr. Hossam Heiba pointed out that the number of opportunities currently available on the map is up to 1,250 investment opportunities, distributed among 56 relevant entities, between ministries, governorates, authorities, other entities, and the private sector, noting that such opportunities vary between industrial, service, agricultural, and tourism sectors.

Moreover, the meeting tackled the status of online offerings, and the progress achieved in this regard, since it was noted that eight ( offerings were made by the Industrial Development Authority (IDA), including 2,650 land plots for industrial investment within 21 industrial zones in 14 governorates. In addition to offering 1,657 industrial complexes in industrial complexes in seven (7) industrial cities, as well as providing 1,141 investment opportunities in development clusters in North Sinai and South Sinai.

Furthermore, the proposal for the fourth updated version of the Investment Map website, in which the components and information contribute to more investment opportunities for investors, was reviewed.