Egypt, represented by General Authority for Investment and Free Zones (GAFI), won the position of Vice President of World Association of Investment Promotion Agencies (WAIPA) for the period (2021-2023).
The announcement came during the participation of Counselor Mohamed Abdel-Wahab, GAFI CEO, in the 25th WAIPA World Investment Conference (WIC) held in Dubai, UAE, where WAIPA General Assembly was convened on the sidelines of the annual conference in which the Steering Committee members were elected.
For his part, Counselor Mohamed Abdel-Wahab explained that election of GAFI as Vice President of WAIPA reflects GAFI’s belief in the importance of cooperation and coordination with development partners to strengthen bilateral and multilateral partnerships, and it also comes as a continuation of the efforts exerted to enhance its regional and global role in investment-related international organizations including WAIPA, which also goes in line with GAFI's objectives towards the attraction of more Foreign Direct Investment (FDI) to Egypt.
Mohamed Abdel-Wahab added that the election of GAFI for this position comes as a result of the efforts made by GAFI in cooperation with WAIPA to share experiences and promote the reforms undertaken by the Egyptian government. Such reforms include creation of investment climate through organizing and participating in many regional forums aiming to build the capacities of cadres from Investment Promotion Agencies (IPAs) to enhance the role of these agencies in the global investment framework and support the development process in their countries.
It is worth noting that WAIPA was established in 1995, and currently has 126 members. WAIPA is an international platform of IPAs aiming to communicate and share best practices in the field of attracting investments and supporting the implementation of investment plans and targets of the members.