​CEO of the General Authority for Investment and Free Zones Participates in the Egyptian-Greek Investment Forum in Athens

Mr. Hossam Heiba, CEO of the General Authority for Investment and Free Zones – GAFI CEO, participated in the "Egypt – Greece: Business and Investment Opportunities" forum, organized by the Athens Chamber of Commerce and Industry in cooperation with the Egyptian Embassy and the Commercial Office in Athens. The forum aimed to showcase investment opportunities in Egypt, with the participation of Ms. Sophia Kounenaki-Efraimoglou, President of the Athens Chamber of Commerce and Industry, Mr. Konstantinos Fragkogiannis, Greek Deputy Foreign Minister for Economic Diplomacy and Openness, Ministry of Foreign Affairs, and Mr. Omar Amer, Egyptian Ambassador to Athens, as well as representatives from more than 60 Greek companies interested in investing in Egypt. Among the prominent attendees were the international Metlen Εnergy & Metals, specializing in energy, Asprofos Engineering, and HELLENiQ ENERGY, which focuses on low-carbon energy solutions. Additionally, several Egyptian companies, including El Sewedy Group and Madinet Nasr for Housing & Development – MNHD, expressed interest in forming partnerships with Greek counterparts.

GAFI CEO highlighted the Egyptian government's efforts to facilitate investment procedures and enhance the competitiveness of the Egyptian economy. These efforts have led Egypt to top the list of African countries receiving investments for two consecutive years. The government has expanded infrastructure spending, amended legislation, and introduced new strategies and incentives to attract investments in sectors aligned with sustainable development goals, including tourism, information and communication technology, pharmaceuticals, renewable energy, automotive, textiles, healthcare, and education.

Mr. Heiba highlighted GAFI's initiatives to streamline investment processes, particularly through the introduction of the "Golden License", which consolidates all required permits for project incorporation and production commencement. In addition, GAFI has launched electronic company incorporation services and automated investment procedures, enabling the incorporation of approximately 38,000 companies in the 2023/2024 fiscal year.

Mr. Heiba invited Greek companies to conduct exploratory tours of the investment landscape in Egypt, stressing the significant improvement in commercial and investment relations between the two countries. Bilateral trade volume has reached around two billion dollars, and 200 Greek companies are operating in various economic sectors in Egypt. The Egyptian-European Investment Conference, held last June, saw several important agreements with the Greek side. Notably, Antipollution Egypt signed an agreement for the management of waste from ships passing through the Suez Canal, in cooperation with the Suez Canal Economic Zone. Additionally, DAI Infrastruktur GmbH – DAI signed an agreement to establish a green ammonia production project at east Port Said with an investment of 11 billion dollars.

Mr. Hossam Heiba also highlighted investment opportunities that cater to the interests of Greek companies, including various investment schemes such as free zones, investment zones, and technology zones. He also emphasized the Suez Canal Economic Zone – SCZone, which has garnered significant attention from Greek firms, especially in the areas of maritime services and renewable energy.

On the sidelines of the forum, Mr. Hossam Heiba met with representatives of ASPIS, a company specializing in producing a great variety of fruit juices and purees, aromas and oils, fruit preparations and canned products, which exports its products to 80 countries worldwide. The company plans to inject 15 million euros in investments into the Egyptian market. He also met with representatives of the Athens Medical Group, which holds a 15% share of the healthcare market in Greece. The group is planning to enter the Egyptian market, either by establishing a hospital in partnership with the Egyptian business community or by acquiring an existing healthcare facility.