Prime Minister, Mostafa Madbouly, met, on yesterday evening, with CEO of the General Authority for Investment and Free Zones (GAFI), Hossam Heiba, to follow up on a number of the Authority’s work files and investment efforts.

During the meeting, the Prime Minister directed the holding of a meeting that includes the Minister of Housing, Utilities and Urban Communities, and the President of the General Authority for Investment, on expanding the establishment of more public free zones within the new cities, so that the Ministry of Housing, represented by the New Urban Communities Authority, will accompany and equip public free zones in the new cities, provided that the Investment Authority undertakes the work of operating and attracting manufacturers to these areas, and agree that the revenues will be shared with the Urban Communities Authority, according to the partnership system, according to specific percentages.

During the meeting, “Heiba” referred to the ongoing efforts of the Authority to provide more f
acilities that would contribute to attracting more local and foreign investments in various sectors, in order to maximize the potential of Egypt. In this regard, he pointed out that a promotional tour will be organized that includes a visit to a number of countries to introduce the available investment opportunities and the facilities and incentives that are provided in a number of sectors to attract investments, explaining that this tour is being prepared in cooperation and coordination between the Investment Authority and the Suez Canal Economic Zone, in light of the state’s integrated efforts to attract investments.

Heiba noted that despite the current global challenges, the Egyptian market is still witnessing a desire from a number of investors to pump more of their investments during the coming period, referring in this regard to what a number of Turkish companies have shown to establish more expansions in Egypt, stressing that coordination will be made with these companies and work to provide more faci
lities to attract them.

Hossam Heiba explained that a legislative amendment is currently being prepared for the Companies Law, which has not been amended for years, pointing out that the initial vision of the amendments will be sent to the concerned ministries to express an opinion, in addition to holding a dialogue and discussions with the business community on this law, stressing that the amendments are aimed at keeping pace with what has happened over the past years, and providing the required facilities.

Source: State Information Service Egypt