Hossam Heiba, CEO of Egypt’s General Authority for Investment and Free Zones (GAFI), emphasised the need for fresh strategies to improve foreign financing in the Egyptian economy. Speaking at the eighth Annual Capital Markets Summit, Heiba underscored the pivotal role of the private sector in driving economic growth.
GAFI’s focus lies in fostering legislative reforms to invigorate the activities of investors, expand opportunities for the private sector, and stimulate exports while curbing imports. Heiba stressed the importance of enhancing competitiveness to attract substantial foreign investments.
Efforts to expedite digital transformation, streamline investment licencing procedures, allocate lands for new projects, and provide financing incentives, particularly in industrial and development sectors, are underway. Notably, GAFI has amended investment laws and introduced incentives, including cash incentives for industrial projects.
Extension of investment incentives until 2029, tax breaks on machinery and equipment for new projects, and crafting new incentive packages for strategic sectors like healthcare and tourism demonstrate GAFI’s commitment to fostering investment-friendly environments.
GAFI’s initiatives also include facilitating the golden licence process, aimed at expediting project approvals within 20 days. Furthermore, the launch of digital platforms for investment services and news dissemination underscores efforts to enhance the investor experience and streamline operations.
With a focus on promoting Egypt’s investment climate, GAFI collaborates with business associations and chambers of commerce to attract foreign investors and localise industries. Plans to launch a platform for startup companies signal proactive measures to support entrepreneurship and innovation.
Heiba highlighted the positive impact of reforms on foreign flows, with net FDI reaching $10 billion in the last fiscal year, showcasing a 12.3% growth rate. GAFI aims to attract $12 billion in FDI by the end of the current fiscal year, buoyed by positive responses from international conferences.
As Egypt navigates economic challenges, GAFI’s proactive measures underscore its commitment to fostering an attractive investment landscape and driving sustainable development.
