In line with the directives of Dr. Mohamed Farid, The Minister of Investment and Foreign Trade (MIFT Minister), to enhance economic cooperation with sister countries and attract more foreign direct investment (FDI), Dr. Mohamed Awad, Chief Executive Officer of the General Authority for Investment and Free Zones (GAFI CEO), welcomed a high-level delegation from the Economic Development Board of Madagascar (EDBM) and the Ministry of Industrialization and Private Sector Development of Madagascar, led by Ms. Josielle Rafidy, CEO of EDBM. The visit took place as part of an experience-sharing mission organized by the COMESA Regional Investment Agency (COMESA RIA).
Dr. Mohamed Awad emphasized the importance of strengthening cooperation among African countries and exchanging successful experiences in attracting investment and improving the business environment, thereby supporting economic integration across the continent and contributing to sustainable development.
On behalf of Dr. Mohamed Awad, Mr. Yasser Abbas, GAFI Deputy CEO, chaired the meeting from the Egyptian side. The meeting was attended by Ms. Heba Salama, CEO of COMESA RIA, and Ms. Josielle Rafidy, CEO of EDBM.
Mr. Yasser Abbas reviewed Egypt's efforts to develop its free zones and investment zones and enhance their readiness to attract investment. He also highlighted GAFI's role in attracting foreign direct investment through a comprehensive package of incentives and facilitation measures, including Investment Law No. 72 of 2017, Investor Service Centers, and the Golden License. In addition, he underscored Egypt's competitive advantages—such as its strategic location, extensive network of trade agreements, and widespread industrial and free zones—which reinforce the country's position as a regional hub for investment and exports.
Ms. Heba Salama stressed the importance of strengthening cooperation and exchanging expertise among investment promotion agencies in COMESA member states to improve the business environment and foster regional economic integration. Meanwhile, Ms. Josielle Rafidy praised Egypt's experience in improving the investment climate and developing free zones, affirming Madagascar's commitment to benefiting from Egypt's expertise and expanding avenues for bilateral cooperation.
The visit's program included a series of presentations and technical meetings introducing recent developments in Egypt's investment climate, the investment map, and the investment opportunities available to investors. The program also highlighted GAFI's experience in enhancing services provided to investors and developing the digital transformation mechanisms. The Malagasy delegation, in turn, presented Madagascar's key investment advantages and its efforts to support the private sector and attract investment.
The program also featured field visits to the Ismailia Public Free Zone, the Investment Zone in 10th of Ramadan City, and the Investor Service Center at GAFI's headquarters, where the delegation was introduced to the free zones framework, investment zones framework, and the services provided to investors.
The visit concluded with a tour of the Suez Canal Economic Zone (SCZone), including its integrated industrial zone and Sokhna Port, followed by a series of specialized sessions focused on exchanging best practices in investor aftercare, entrepreneurship and startup support, and streamlining investment procedures.
At the conclusion of the visit, both sides affirmed the importance of building on the outcomes of this visit and strengthening institutional communication channels between the investment promotion agencies of the two countries. They emphasized that such cooperation would help increase bilateral investment flows, support the private sector, and promote economic integration between Egypt and Madagascar in line with the Sustainable Development Goals and the African Union's development and economic integration agenda.
