He added that increasing competition among companies is one of GAFI’s tasks, as it ensures more attractiveness for large-scale foreign investments. Heiba said that a special unit has been established to grant the golden licence, which has already started its work. The golden licence is issued within a maximum period of 20 days, in addition to coordinating with all government agencies to grant the licence with the least effort and time for the investor. Heiba noted that GAFI has prioritized accelerating the digital transformation, and launched an integrated platform for investment in Egypt. He noted that these reforms have resulted in increased foreign investment flows in Egypt, as net foreign direct investment flows in Egypt rose to $10bn in the last fiscal year 2022-2023, with a growth rate of 12.3% compared to the previous fiscal year.

Source: Daily News Egypt February 27, 2024 07:21 UTC