The General Authority for Investment and Free Zones in Egypt is set to announce the results of a World Bank study on foreign direct investment in the country. According to Iman Mansour, Vice Chairman of the authority, the study's findings will be released within days. The authority is currently working to update data on foreign companies operating in the Egyptian market.
The authority is working to organize the process of receiving data from companies and ensuring they provide required reports periodically. This aims to provide a more accurate database on foreign investments in Egypt. Mansour emphasized the need for companies to commit to providing required information, as some companies' failure to submit reports affects data accuracy on the size and distribution of foreign investments.
The Egyptian government has implemented a wide range of reforms to improve the investment climate. Mansour noted that the World Bank's Business Ready report, to be launched in November, will reflect these reforms on Egypt's ranking in business environment indicators. The report will assess the country's business environment and provide recommendations for improvement.
The authority is working to complete the Economic Entities Platform, which aims to gather procedures for establishing and operating companies and economic entities in one digital platform. The platform includes around 687 procedures and is expected to be completed by the end of the year. This will simplify procedures and improve investors' access to government services electronically.
The authority has issued the Golden License to around 57 companies. This is part of the state's efforts to facilitate investment procedures and accelerate project implementation. The Golden License is a special permit that allows companies to establish and operate in Egypt with streamlined procedures.
Mansour made these statements during a symposium at the Egyptian Center for Economic Studies to discuss the results of a study on European investment in Egypt. The study aims to provide insights into the investment climate in Egypt and identify areas for improvement. The authority is working to enhance the business environment and attract more foreign investment.
The Egyptian government is working to enhance cooperation with international institutions, such as the International Monetary Fund and the World Bank, to support economic reforms. The government aims to improve the business environment, increase foreign investment, and promote economic growth. The results of the World Bank study are expected to provide valuable insights into Egypt's investment climate.
Key points
- The Egyptian government has implemented reforms to improve the investment climate, which are expected to be reflected in the World Bank's Business Ready report.
