GAFI
GAFI chief's remarks were made during a set of bilateral meetings with Bahraini investors as part of his current visit to Bahrain for talks on mechanisms of beefing up joint cooperation and seeking more Bahraini investments to Cairo.
Executive Director of the General Authority for Investment and Free Zones (GAFI) Mohamed Abdel Wahab on Thursday met with a number of investors an businessmen, with Chairman of the Customs Authority El Sayed Negm attending.
Abdel Wahab stated in a statement that the investment costs of these new projects amounted to $ 1.1 billion, and the capital of $ 417 million, during the period from January to September.
The Emaar Investment Zone will provide 77,000 job opportunities.
They also tackled investment opportunities and challenges facing investors, as well as national projects implemented in the governorate.
The meeting focused on success stories of South Korean companies operating in Egypt, especially in the fields of electronics and home appliances.
The GAFI chief also noted that the authority is coordinating with the Bahraini Council for Development to brief the business community in Manama on the latest developments in the Egyptian economy.
El-Said stressed the importance of the private sector's participation in the design, implementation, and follow-up of the structural reforms program as a key partner for development.
This will boost the company's investments by US$200 million annually.
The visit comes within a framework of the State's investment in setting up more development projects in Upper Egypt.
They also reviewed a number of vital projects including establishing the largest factory for manufacturing optical fiber cables in Egypt, Africa and the Arab world, with investments exceeding LE 1 billion at the Suez Canal Economic Zone.
During the meeting, Kaabi lauded the strong relations between both sides, highlighting the important role of the GAFI in facilitating the work of the UAE businessmen.
Abdel Wahab continues his visits to different governorates to discuss development plans and investment opportunities there.
The Japanese side lauded the GAFI's role in providing all facilitation for Japanese companies working in the country, in addition to its efforts to attract more Japanese investments.
During the meeting, the two sides discussed an Amazon's proposal to develop transport services, through using private cars to transfer light cargo.
CEO Mohamed Abdel Wahab stressed the importance of measures taken by the government to improve the investment climate.
The company's future strategies were shown to include pumping new investments in the Egyptian market exceeding LE 920 million in the coming five years with 14 new production lines covering the local demand and exporting purposes.
Abdel Wahab was reviewing a report with Prime Minister Mostafa Madbouli, saying that 1,672 companies had been established in June compared to 1,449 companies in the same period in 2019.
The surge in the number of firms led to a 71.7 increase in the capital of exports of these companies in June to record LE 7.9 billion, against LE 4.6 billion in June 2019.
The meeting also tackled putting into effect all measures required to forge ahead with developing and shoring up local production of medical equipment.
