General Authority for Investment and Free Zones (GAFI) seeks to increase the number of banking outlets in all complexes of investment services to facilitate procedures for investors, according to Minister of Investment and Chairman of GAFI Ashraf Salman.
“Increasing bank outlets will reduce the time taken to pay for services provided by GAFI for investors,” Salman said.
Salman has met with the management of GAFI, which includes head of Federation of Industries and representatives from the private sector and banks on Sunday to discuss ways to encourage investment and remove all obstacles faced by current investors and create a suitable environment for new investments. They also discussed the settlement of all investment disputes.
The ministry and GAFI are working on improving the quality and efficiency of services through the electronic link mechanism with all stakeholders, including the Ministry of Social Solidarity, by linking insurance with investment service complexes. This move will facilitate all steps of establishing companies in terms of the commercial register, tax card, insurance, and the statute.
The ministry is working on establishing branches of GAFI in all Egyptian governorates in the upcoming years to speed up services provided to investors and ease the attainment of licenses required to begin activity.
The ministry is coordinating with a number of relevant authorities to activate the electronic payment system and e-reader signing investors to end all start-up procedures electronically. This step came to improve Egypt’s ranking in the Doing Business Report issued by the World Bank.
The meeting also addressed the ministry and GAFI’s plan to promote investment abroad, aiming to unify efforts to promote the economic environment with regard to the legislation governing start-up procedures.