Dr Sahar Nasr, Minister of Investment and International Cooperation, stated that the ministry will form a committee to solve the investor’s problems within 24 hours. The Minister’s office will inspect the complaints and take the necessary action fast if the committee could not solve them.
The ministry will hold regular meetings with the investors and communicate with the concerned entities to resolve their problems with each sector, the minister said.
Nasr added that the General Authority for Investment and Free Zones (GAFI) signed 4 protocols of cooperation with four bodies, including Egyptian Financial Supervisory Authority, Federation of Egyptian Chambers of Commerce, Bank of Alexandria and Egyptian Lawyers syndicate to exchange information. “The Ministry moves to support investment and activate the unified investment law by signing such protocols,” she affirmed.
Nasr added up that the ministry and the GAFI aims to provide all facilitations before the unified investment law comes into force which will help the ministry be aware of the effects, setting a plan to develop the current situation and respond to the investors’ requests.
Dr.Nasr met with the Egypt-U.S. Business Council (EUSBC) ,chaired by Omar Mohanna, in presence of representatives from the American Chamber of Commerce. She also held a meeting with executive directors and representatives of the major US companies in Egypt.
During her meeting with the EUSBC, the Minister emphasized on the significance of enhancing investment and development relations with the US, in line with the Egyptians’ priorities and the government’s economic reform programme.
Both sides discussed the challenges facing the US investors in Egypt and the investment opportunities provided to them.
Mr. Mohanna pointed out that, EUSBC coordinated with the US side to explain the steps taken by Egypt in the economic reform field and the available investment opportunities.
Afterwards, Nasr also met with a number of executive directors and representatives of major US companies in Egypt in the fields of computer technology, pharmaceuticals and transports, topped by Microsoft, IBM, Oracle, Pfizer, Johnson & Johnson, Uber, Mastercard, General Electric and Pepsico.
The representatives expressed their determination to increase their investments in Egypt in the fields of computer technology and to invest in the research and development, while noting that a number of US companies were willing to break into Egyptian market soon.
Accordingly, the Minister welcomed US investors in Egypt, while referring to the deep strategic and economic relations between both countries.
The representative of Mastercard expressed his company’s willingness to increase cooperation with Egypt through the National Council of Payments. Furthermore, General Electric’s representative noted that his company was willing to invest in the renewable energy field through the implementation of solar energy projects. In addition to his intention to contribute in developing Egypt’s railways, through the procurement of 100 to 200 train carriages; 35% of which would be produced by Egypt. Participants finally agreed on holding a periodical meeting to sustainably discuss the challenges and available investment opportunities.
Egypt has managed to attract net foreign direct investments (FDI) of $4.3bn during the first half of fiscal year (FY) 2016/2017 by the end of December, compared to $3.1bn during the same period in FY 2015/2016, said Sahar Nasr.
Egypt plans to attract $15bn of FDIs in the new FY 2017/2018, according to a statement by the Minister of Finance, Amr El-Garhy, compared to EGP 8bn by the end of this fiscal year.
On Saturday, Nasr has laid the foundation stone for the investment services branch in Qena, in order to facilitate the procedures for investors in Qena and several governorates nearby. The new branch will serve 1,881 companies in Qena, Luxor, and Aswan, including 486 companies in Qena, 938 in Luxor, and 457 in Aswan.
Nasr noted that there are five branches working in the governorates of Alexandria, Assiut, Ismailia, 10th of Ramadan, Sharqeya, and Sohag, in order to facilitate procedures for investors. There are five offices affiliated to the General Authority for Investment (GAFI), and nine representative offices that provide investment services in several governorates.
According to Nasr, Egypt ranked 29th in the foreign direct investment (FDI) index among 58 other countries. Egypt has also ranked 16th in the Global Services Index, ranked 25th in the market volume index among 135 countries, and ranked 49th in the Logistics Performance index.
As for economic indicators, the growth rate reached 4.3% in FY 2015/2016, compared to 4.4% during the same period last year. Total implemented investments reached EGP 392bn in FY 2015/2016 with a contribution of the private sector of 58%, an equivalent of EGP 227.3bn, and total international reserves reached $26.5bn by end of February.
Nasr stressed that the ministry is keen on supporting civil society institutions to develop the community, and on youth training, in order to provide the market with trained workers, as well as, provide these young people with jobs to ensure a regular income.
