General Authority for Investment and Free Zones
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 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.
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.
CEO Mohamed Abdel Wahab stressed the importance of measures taken by the government to improve the investment climate.
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.
Under the new measures, the GAFI projects will be allowed to sell up to 50 percent of their products at the local markets for six months.
These projects provided 890 job opportunities.
GAFI added that private investments hiked 47 percent, to reach LE 316 billion, compared to LE 213 billion during 2017.
Adel pointed out that the past period witnessed a transformation in the economic structure.
The delegation was accompanied by members of the Egyptian Lebanese Businessmen Friendship Association under Fathallah Fawzy.
Mona Zobaa said GAFI launched a nationwide survey to follow up the statuses of the projects being conducted and highlight the hardships they are facing to overcome.
Egypt targets UK investors amid Brexit uncertainty.
A number of 4,309 Saudi companies are investing in Egypt, with capital inflows of $7.218 billion.
GAFI would still be responsible for receiving investment offers, maps, work sites, ports and airports studies.
The board of directors of the General Authority for Investment and Free Zones approved establishing investment zones in Suez and luxor.
