implementation of the directives of the Prime Minister, GAFI CEO meets the Minister of Immigration to discuss mechanisms for establishing a joint-stock company for Egyptians abroad and offering them shares in national projects.
Ambassador Suha Gendy: A list includes Egyptian investors abroad will be prepared to communicate with them and promote the investment map of Egypt.
Counselor Mohamed Abdel Wahab stresses the importance of continuing the cooperation with the Ministry of Immigration within the framework of the unit designated to deal with the Egyptians abroad at GAFI.
Counselor Mohamed Abdel Wahab, CEO of the General Authority for Investment and Free Zones (GAFI), welcomed Ambassador Suha Gendy, Minister of State for Immigration and Egyptians Expatriates’ Affairs Abroad, to discuss mechanisms of implementing the directives of the Prime Minister, Dr. Mostafa Madbouly, approving a proposal submitted by the Ministry of Immigration to establish a joint stock company for Egyptians abroad in various economic activities, in addition to offering shares in national projects. Such recommendations are produced in the third edition of the Conference of Egyptian Entities Abroad, which was hosted in the Administrative Capital last August.
At the beginning of the meeting, Counselor Mohamed Abdel Wahab welcomed Ambassador Suha Gendy, pointing out the importance of continuing cooperation with the Ministry of Immigration and building on the cooperation protocol signed with the ministry. Moreover, he mentioned the establishment of a unit in GAFI dedicated to deal with Egyptians abroad to provide them with data and all services that facilitate the establishment of investment projects.
On her part, Ambassador Suha Gendy, Minister of Immigration, praised the use of artificial intelligence and information technology in the presentation to attract investors. Moreover, she reviewed the Ministry’s plan to provide a number of incentives and facilities to Egyptian citizens abroad, which will be announced collectively through an electronic application prepared in cooperation with the Ministry of Communications and Information Technology (MCIT).
Furthermore, the Minister also mentioned the details of the recommendations related to the economic aspect that were produced in third edition of the conference of Egyptian Entities Abroad. Such recommendations were submitted to the Prime Minister, and his Excellency agreed on the proposals mentioned in them. The Minister also mentioned the PM’s directives to discuss implementation mechanisms of such recommendations with GAFI.
On his part, Counselor Mohamed Abdel Wahab said that the Egyptian State is keen on providing facilities to all types of investment, and paying special attention to Egyptian investors abroad, as it provides them with various opportunities for serious investment in their home country. In addition, he mentioned that the unit of Egyptian investors abroad would offer investment opportunities to Egyptian investors abroad as well as issuing the necessary licenses for the projects.
Counselor Abdel Wahab referred to the objectives of the unit established for Egyptian investors abroad represented in welcoming those intending to set up investment projects in Egypt; positively assisting in overcoming obstacles they encounter when obtaining services; in addition to developing links with Egyptian citizens abroad by providing them with information and media materials, answering their inquiriesto help them identify permanently and continuously the available investment opportunities; planning their contributions to national projects; and activating their participation in the comprehensive development plan.
Ambassador Soha Gendy and Counselor Abdel Wahab reviewed the investment map in GAFI’s meeting room, which includes interactive screens for the official website of GAFI that encompasses all the details of laws regulating investment, commercial agreements and privileges of Free Zones of a special nature. Such screens provide investors with all the services they need and involve them in existing development processes, including 2,500 investment opportunities divided according to the specialized sectors.
The meeting witnessed the agreement on forming a bilateral committee to discuss the executive procedures for facilitations, projects and incentives, and to distribute potential investors according to their geographical locations and as per specializations and interests that are consistent with the State’s priorities within its strategic plan in order to support industrial investment and localize the industry.
It was also agreed to communicate with the Egyptian experts participating in “Egypt Can with Investment” and “Egypt Can with Industry” conferences to listen to their vision, benefit from their experiences, and present available investment opportunities to attract more investors.
Minister of Immigration noted that a list that includes Egyptian investors abroad will be prepared to communicate with them and promote the investment map of Egypt. In addition, coordination is being made with GAFI to approve the work team and the proposed strategy for the coming period.
At the end of the meeting, GAFI CEO Counselor Abdel Wahab granted Minister Soha Gendy GAFI’s award plaque in appreciation of her role in promoting trust in the Egyptian investment climate among citizens abroad and involving them in development plans.
