National Dialogue recommends setting up digital platform to better serve investors: official

CAIRO – 14 September 2023: Samir Sabry, rapporteur of the local and foreign investment committee at the National Dialogue, said on Friday that one of the most important recommendations that were agreed upon during the sessions of the dialogue is setting up a digital platform in accordance with the latest of the art-technologies to make it easy for investors to pump their money in the Egyptian market.

The interactive platform, he told MENA, will include an investment map featuring all available investment opportunities in Egypt.

Via this map, investor can identity all promising opportunities in the tourism, industrial and agricultural sectors as well as transport, logistic and communications services, he said, adding that all State institutions will be represented in this platform.

All state-owned lands will be included in the platform to make it easy for investors to choose the place and set the price he wants, he said, adding that any investor can set up his/her own company online through this platform.

Actually, he said, the part on online company establishment was activated and more than 22 companies have been already set up.

Among the national dialogue's recommendations was naming a minister for economy to be in charge of the economic file and the economic group and to be responsible for drawing up a short and long term plans based on market conditions and request and demand.

Speaking about the Higher Council for Investment that was formed under President Abdel Fattah El Sisi chairmanship, he said the council issued 22 decisions that aim at better serving local and foreign investors and facilitating investment procedures.

Sabry underlined the importance that the government holds swift decisions to increase industrial growth rate to increase its contribution to the Gross Domestic Product to 20 percent and increase Egyptian exports to reach 100 billion dollars.

The dialogue sessions also recommended including the informal economy to be under the umbrella of the State, he said, adding that this sector is estimated at about 50% of the formal economy, or about 4.5 to 5 trillion pounds.

The State seeks, during a specific period of time, to annex it to formal economy to benefit from incentives offered by the State and not to collect taxes, he noted.

The State wants to provide this sector with necessary support in terms of training, qualification, and documentation of quality certificates, as well as helping it to get necessary funding at low interest rates and benefit from tax exemptions.

The sessions of the dialogue also tackled ways of boosting Egyptian Exchange through offering more state-owned companies for market recovery, he added.