GAFI CEO reviews the measures taken by the government to set a binding time frame for issuing licenses for investment projects within 20 working days
Counselor Mohamed Abdel Wahab, CEO of the General Authority for Investment and Free Zones “GAFI”, participated in the session on “Supporting the local and foreign investment environment in Egypt” during the events of the second day of the Egyptian Economic Conference-2022.
In the course of the session, Counselor Abdel Wahab reviewed the measures taken by the government to set a binding time frame for issuing licenses for investment projects within 20 working days. In addition, GAFI issues, and periodically updates, more than 25 licensing guides of government entities that provide investment services, and they include all documents, fees and procedures.
During his speech, GAFI CEO referred to the first company that obtained the golden license, which is considered a comprehensive approval by the Council of Ministers to set up and operate the project. He stated that necessary measures are being taken to grant 3 new projects the golden license.
“Today's session comes as an affirmation of Egypt's keenness to provide equal opportunities, enhance competition mechanisms and empower the private sector”, Counselor Abdel Wahab said. He explained that GAFI will play its role to support investment projects and remove all constraints holding back their implementation. He also pointed out that the Egyptian government has taken serious steps in supporting investors and settling various investment challenges, the latest of which was the establishment of a unit to solve investors' problems under the direct supervision of Prime Minister, stressing that the main attraction for new projects is the success and continuity of existing projects, as well as providing various facilities to investors.
It is worth noting that the session included an effective dialogue with the business community in Egypt, which tackled many proposals for improving the investment environment, creating a favorable business climate and granting various investment incentives, in addition to some proposals for resolving the challenges facing investment, which will be presented to the secretariat of the Economic Conference to be included in the recommendations of the Conference.
