Egypt has experienced a remarkable surge in foreign direct investment (FDI) net inflows, which increased by an impressive 70% to reach $7 billion over the past two years, according to Hossam Heiba, the CEO of the General Authority for Investment and Free Zones (GAFI).
Heiba emphasised the significance of restructuring the investment system, beginning with encouraging both foreign and local investors to invest in Egypt. He also highlighted the importance of assisting them in resolving any issues or disputes they may encounter, whether with the government or among themselves.
The CEO pointed out that the investment climate heavily relies on the trust investors have in the country they choose to invest in. The Egyptian government is actively working on building this trust through regular meetings, which are attended by the Prime Minister, to discuss strategies and plans to attract more investments.
These points were addressed during his speech at the launch of the fourth edition of the Egyptians Abroad Conference, held under the auspices of Prime Minister Moustafa Madbouly, along with the Ministers of Finance, Immigration, Social Solidarity, Education and Culture, and various representatives in the parliament and public sectors.
Heiba emphasised that Egyptian laws provide equal opportunities for both domestic and foreign investors, with no discrimination. The current plan includes various aspects such as improving the work environment and promoting investments within Egypt.
The recent parliamentary amendments are seen as revolutionary and have the potential to transform the Egyptian economy by encouraging and stimulating the private sector, leading to increased participation.
Regarding the Golden Licence application process, Heiba mentioned that 17 licenses have already been issued, with three more set to be delivered shortly. The government aims to streamline company establishment, reducing the process to as little as 48 hours with the help of digital transformation.
Foreign investors are provided with a one-year residency permit while establishing their company in Egypt, which can be renewed for up to five years. This measure aims to attract and retain foreign investment in the country.
