GAFI – General Authority for Investment
GAFI – General Authority for Investment
12/01/2024 | News release | Distributed by Public on 12/02/2024 06:26
GAFI Hosts World Bank Delegation to Develop Egypt's FDI National Strategy (2025–2030)
The General Authority for Investment and Free Zones (GAFI) recently hosted a series of intensive meetings in collaboration with the World Bank (WB) and the Ministry of Planning, Economic Development, and International Cooperation. These discussions are part of ongoing efforts to craft a comprehensive National Strategy for Foreign Direct Investment (FDI) for the 2025-2030 period. The meetings brought together senior WB experts, including Mr. Mark Ahern, WB Lead Economist for Egypt; Mr. Tom Viss, WB Team Leader and Private Sector Development Specialist; and Mr. Harald Jedlicka, Specialist in Investment Environment Improvement Mechanisms. The sessions also included participation from representatives of the private sector and various government agencies involved in investment matters.
Mr. Hossam Heiba, GAFI CEO, affirmed that the preparation of this strategy comes in implementation of presidential directives and the decisions of the Supreme Council for Investment. It aims to leverage the expertise of the World Bank Group in establishing a participatory vision and a clear strategy for investment in Egypt. He noted that the formulation of this strategy relies on a comprehensive analysis of investment opportunities and challenges, based on insights from the private sector, with a focus on achieving effective partnerships between the government and investors to drive economic development efforts.
GAFI CEO further highlighted that the strategy adopts the World Bank's sectoral survey methodology, where the targeted sectors for attracting investment will be divided into two categories.
1. Promotional Sectors: These are sectors that provide economic and developmental benefits to the state, contribute effectively to job creation and export growth, and align with developmental goals. These sectors also offer high returns to investors due to their competitive advantages, such as a large market size, low production costs, adequate infrastructure, and supportive legislation and procedures.
2. Ambitious Sectors: These are sectors that require reforms to enhance their competitiveness and increase their attractiveness to investments, enabling them to achieve the highest returns and fully utilize available resources.
Dr. Dahlia El-Hawary, GAFI Deputy CEO, explained that the preparation of Egypt's Foreign Direct Investment Strategy underwent several key stages. It began with an analysis and study of foreign investment flows and an assessment of the investment climate's attractiveness in the country. The process then moved to consultations with relevant stakeholders from government entities and the private sector to ensure the strategy aligns with the needs and aspirations of all parties involved.
Dr. Dahlia added that it is expected that in the coming months the strategy will be finalized and detailed action plans will be developed, with the proposed programs to be implemented during the period from 2025 to 2030. The performance will be closely monitored using clear and defined measurement indicators to ensure the efficient and effective achievement of the desired goals.
Dr. Dahlia pointed out that the strategy is based on a set of key pillars, the most important of which are creating cluster links with complementary industries and activities, improving the business climate, in addition to promoting investment effectively, with a focus on strategic sectors that contribute to supporting sustainable development efforts and enhancing economic growth.
Mr. Hossam Heiba, GAFI CEO, affirmed that the preparation of this strategy comes in implementation of presidential directives and the decisions of the Supreme Council for Investment. It aims to leverage the expertise of the World Bank Group in establishing a participatory vision and a clear strategy for investment in Egypt. He noted that the formulation of this strategy relies on a comprehensive analysis of investment opportunities and challenges, based on insights from the private sector, with a focus on achieving effective partnerships between the government and investors to drive economic development efforts.
GAFI CEO further highlighted that the strategy adopts the World Bank's sectoral survey methodology, where the targeted sectors for attracting investment will be divided into two categories.
1. Promotional Sectors: These are sectors that provide economic and developmental benefits to the state, contribute effectively to job creation and export growth, and align with developmental goals. These sectors also offer high returns to investors due to their competitive advantages, such as a large market size, low production costs, adequate infrastructure, and supportive legislation and procedures.
2. Ambitious Sectors: These are sectors that require reforms to enhance their competitiveness and increase their attractiveness to investments, enabling them to achieve the highest returns and fully utilize available resources.
Dr. Dahlia El-Hawary, GAFI Deputy CEO, explained that the preparation of Egypt's Foreign Direct Investment Strategy underwent several key stages. It began with an analysis and study of foreign investment flows and an assessment of the investment climate's attractiveness in the country. The process then moved to consultations with relevant stakeholders from government entities and the private sector to ensure the strategy aligns with the needs and aspirations of all parties involved.
Dr. Dahlia added that it is expected that in the coming months the strategy will be finalized and detailed action plans will be developed, with the proposed programs to be implemented during the period from 2025 to 2030. The performance will be closely monitored using clear and defined measurement indicators to ensure the efficient and effective achievement of the desired goals.
Dr. Dahlia pointed out that the strategy is based on a set of key pillars, the most important of which are creating cluster links with complementary industries and activities, improving the business climate, in addition to promoting investment effectively, with a focus on strategic sectors that contribute to supporting sustainable development efforts and enhancing economic growth.