The Numbers of established firms hiked by 29.1% over the past fiscal year (FY) 2017/2018, compared with FY 2016/2017, according to the Ministry of Investment and International Cooperation’s (MIIC) released data on Monday.
The data explained that numbers of established firms over the last FY were 19,836, while they were 16,371 firms over FY 2016/2017.
New firms’ capitals increased by 64.4% over FY 2017/2018 recording EGP 49bn from EGP 29.8bn during FY 2016/2017, elaborated the data, adding that the numbers of firms, which expanded over the past FY 2017/2018 increased by 61.6% up to 3,478 firms from 2,152 firms over FY 2016/2017.
The firms’ capital expansions increased by 3.5% in FY 2017/2018 up to EGP 50.3bn from EGP 48.6bn over FY 2016/2017, noted the MIIC’s data.
For her part, Sahar Nasr, minister of investment and international cooperation, said that the new investments play a vital role in improving Egyptians’ standard of living, especially, in the underprivileged governorates, adding, “firms’ investments have positive effects on both developmental and economic dimensions.”
Nasr reaffirmed the MIIC’s exerted efforts to improve Egypt’s business climate over the recent period through many legislative adjustments specially the New Investment Law and its implementation, factory and leasing legislation, in addition to other legislative adjustments.
Meanwhile, Nasr announced new online corporate social responsibility (CSR) online services for the companies under the ministry’s supervision, affirming the initiative’s role to socially benefit Egyptian citizens.
Nasr added that the MIIC strengthened the private sector’s role in successfully achieving the new CSR service, adding, “we started to harvest the reforms’ positive outcomes.”
For her part, the Minister of Environment Yasmine Fouad said that the UN biodiversity conference in Sharm El-Sheikh will witness the organisation of an investment forum, which will benefit from the presence of international institutions’ in November.
Fouad noted that her ministry will focus on five economic sectors including health, energy, and population for example, which meet the reform programme’s priorities.