The Ministry of Investment is redrawing Egypt’s investment map and the projects to be implemented, in line with the state’s needs and the desires of investors, according to head of Investor Care Central Administration at the General Authority for Investment and Free Zones (GAFI) Nagy Abou Al-Ela.
Abou Al-Ela said the government is working hard to improve the legislative environment and facilitate access to services, as well as offering investors ready and viable projects for implementation.
Abou Al-Ela’s remarks came at a press conference held by Falcon Group to announce the launch of its Security and Investment Conference in Sharm El-Sheikh in September.
During the conference, Abou Al-Ela noted that the ministry is preparing a list of projects that can be offered during the upcoming conference in Sharm El-Sheikh. The ministry is currently collecting notes from investors about their desired projects. It will then match them to the most suitable enterprises.
“The state is making great efforts to attract foreign investment and stimulate domestic investment,” Abou Al-Ela said. “The ministry is also reviewing the Investment Law and may add new incentives to encourage and reassure investors.”
The one-stop shop has been active since 2004 and will begin to offer more services, such as obtaining licences and land allocations. Abou Al-Ela said that investors can inaugurate a company in three hours.
The projects placed on the government’s agenda in the coming period include national and infrastructure projects, according to Abou Al-Ela. All infrastructure projects, especially basic utilities, are overseen by the president in person and carried out with the participation of all ministries.
“The government has all bodies and departments working to reduce the time frame of infrastructure projects, whilst maintaining a high quality,” he said.
When asked about the role of the Ministry of Investment in alleviating the dollar shortage, Abou Al-Ela said that the ministry is working to attract foreign investments to lift the state’s foreign reserves. He noted that nine free zones affiliated with the ministry are working in exporting Egyptian goods.
The government and the Central Bank of Egypt have carried out many procedures in the past period to rationalise the use of available dollars and increase its resources. Furthermore, the government is encouraging domestic industries to use local production components in the manufacturing instead of importing them, according to Abou Al-Ela.