Egypt's investment portfolio returns to GAFI due to 'interference' with other entities: PM

Ahram Online , Tuesday 24 Dec 2019

GAFI's priorities include promoting investment opportunities, establishing free zones, and facilitating cooperation between various state bodies

Mostafa Madbouly
Prime Minister Mostafa Madbouly (Photo: Al-Ahram)

The return of the investment portfolio to the General Authority for Investment and Free Zones (GAFI) is the result of the "interference and interdependence of issues" by the authority and a number of entities, Prime Minister Mostafa Madbouly said.

In statements during a visit to GAFI, Madbouly said he is not "an investment minister", stressing that the authority has become an affiliate to the cabinet again to be able to fulfil its responsibilities and facilitate cooperation between various bodies.

On Sunday, Egypt moved the investment portfolio to the cabinet in a governmental shakeup involving 11 portfolios.

"The goal of GAFI is to promote investment opportunities across state sectors. This needs coordination with all state entities, and real promotional campaigns,” Madbouly said, stressing the importance of promoting investments and the necessity of preparing studies on the global investment map with mechanisms to attract international investors to Egypt.

The establishment of free zones is a fundamental role of GAFI and a priority in the upcoming period to address investors' problems.

Egypt has been pushing with efforts to cut red tape through its investment law to attract investors through an investment map and free zones. 

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