- Enhancing the quality of foreign direct investment (FDI) data contributes to the formulation of more effective investment policies and strengthens the confidence of investors and international institutions.
- Developing a comprehensive picture of the main and sub-economic sectors with the highest growth and profitability rates, while identifying the sectors most in need of incentives
Pursuant to the directives of Dr. Mohamed Farid, Minister of Investment and Foreign Trade (MIFT Minister), to enhance the quality of economic data, Dr. Mohamed Awad, Chief Executive Officer of the General Authority for Investment and Free Zones (GAFI CEO), inaugurated an introductory workshop on enhancing the quality of foreign direct investment (FDI) data. The workshop was attended by representatives of member companies of the Insurance Federation of Egypt (IFE).
Dr. Mohamed Awad announced that this workshop marks the first in a series of introductory workshops aimed at familiarizing representatives of all economic sectors with MIFT's new approach to implementing the provisions of the Investment Law governing the collection and analysis of the data and information required to calculate foreign direct investment (FDI) in Egypt for statistical purposes, while ensuring the confidentiality of companies' data. This initiative will support the formulation of more effective investment policies and strengthen the confidence of investors and international institutions.
During the workshop, GAFI representatives explained the procedures for completing the required data, clarified the reporting requirements, responded to inquiries from representatives of insurance companies, and reaffirmed GAFI's commitment to addressing any challenges companies may encounter in the course of submitting the required data.
Dr. Mohamed Awad added that the new database on companies with foreign shareholdings will provide a comprehensive quarterly picture of the main and sub-economic sectors recording the highest growth and profitability rates, as well as the sectors most in need of incentives. This will support the timely adoption of sound economic decisions.
Dr. Mohamed Awad further emphasized that streamlining procedures and raising awareness of the importance of data will increase companies' responsiveness in submitting investment data.
