GAFI CEO:
We aim to attract investments from about 30 countries capable of injecting investments and transferring technology
We have incorporated about thousand "single member" companies, which is the appropriate model for entrepreneurs' trends
Mr. Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), stated that the plan to attract investment to the Egyptian market depends on targeting and attracting investments from specific countries and companies. Such countries and companies are advanced in the sectors targeted for development by the Egyptian government, and also capable of injecting huge investments that contribute to increasing the growth rates of the Egyptian economy.
Mr. Heiba added, during his participation in Al-Masry Al-Youm Economic Forum, which was held under the title "A New Generation of Economic Policies in Egypt", in the presence of Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, and Dr. Ahmed Kouchouk, Minister of Finance, that GAFI aims to attract investments mainly from approximately 30 countries, namely the Gulf Cooperation Council countries, China, India, Japan, the United States of America, the United Kingdom and a number of European Union countries, which are countries that possess the expertise and resources that Egypt aims to benefit from.
Mr. Heiba pointed out that he conducted European tours to follow up on the results of the Egypt-EU Investment Conference, which was held at the end of June 2024. He also held a large number of meetings with European companies interested in injecting investments into Egypt.
GAFI CEO reviewed the pillars of investment policy in Egypt, which are based on the following: the investment for export and supporting growth, targeting investments in priority sectors, and improving the investment environment. He added that there must be solidarity and harmony between all government entities and economic policies for achieving the objectives of investment policies.
Mr. Heiba stated that the most important sectors that the government aims to attract investments to are green energy, the automotive industry, pharmaceutical industries, home appliances, tourism, communications and information technology, health, education, and entrepreneurship, noting that these sectors are distinguished by their great operational capabilities and tangible developmental contribution in addition to producing products and services that generate foreign exchange.
Mr. Heiba reviewed the efforts to support entrepreneurship and startups, the most important of which is the establishment of the Entrepreneurship and Startup Unit at GAFI. The Unit is considered as an entity that coordinates between all agencies concerned with entrepreneurship, including government entities, incubators, business accelerators, funds, and investment banks; follows up on applying incentives for small and medium enterprises; and raises the awareness of government entities about the activities of startups and entrepreneurship. The Unit also plays the role of the technical secretariat of the Ministerial Group for Entrepreneurship formed by Dr. Mostafa Madbouly, Prime Minister, last month, which shows the government's belief that one of the most important means of achieving high growth rates is to accelerate the entry of startups into the market and accelerate their growth.
Mr. Heiba confirmed that GAFI has incorporated about thousand “single member" companies, which is the appropriate model for the needs of startups due to the ease of their procedures, flexibility, and small amount of capital required.
