The aim is to develop a mechanism for establishing regional offices in Egypt, promoting investment, and improving the investment climate.
Egypt's economy is expected to witness a real leap with improved trademark protection and marketing — Business Today
Egypt's General Authority for Investment and Free Zones (GAFI) has signed a memorandum of understanding with the Talal Abu-Ghazaleh Organization to develop a mechanism for establishing regional offices in Egypt, promoting investment, and improving the investment climate in accordance with the best international practices and experiences.
This includes proposing the amendment of current laws, enacting new laws, or modifying current procedures, in addition to participating in the implementation of Egypt's digital transformation strategy.
Hossam Heiba, GAFI’s CEO, emphasized that the protection of intellectual property is necessary for investments targeted for attracting in the financial and business centers established by the Egyptian state, especially the financial and business district in the New Administrative Capital, which Egypt seeks to make the most important regional center for international companies' branches.
Heiba added that the Egyptian economy would witness a real leap if the procedures for protecting Egyptian trademarks and marketing them improved, starting from handicrafts and heritage industries to heavy industries.
The memorandum of understanding stipulated the establishment of an effective regulatory framework to enhance investments, where GAFI will provide the company with Egyptian laws, regulations, and legislation, in addition to a list of investment opportunities available in the Egyptian economy, to achieve a full partnership between the two parties to promote investment and improve the investment climate and business environment.
The company announced that a headquarters would be established in the New Administrative Capital to provide its services to companies operating in the largest national project in the Egyptian economy, confirming that Egypt is eligible to attract investment flows from the most important global brands.
Heiba presented an overview of the most important investment developments in Egypt, including the establishment of a specialized unit for granting the golden license to investors, which enables them to obtain approval for their projects within a maximum of 20 days, without the need for any other permits or licenses.
He also explained how to apply for investment electronically through the Egyptian Investment Map, which will be updated during the year.
Egypt has been making considerable efforts to improve the investment climate and attract foreign investors to the country, particularly in the wake of the COVID-19 pandemic's economic impact.
In recent years, Egypt has implemented several economic and structural reforms, which have improved macroeconomic indicators, such as reducing the budget deficit, increasing foreign reserves, and improving the business climate.
