File Photo: BSH Bosch and Beko Egypt Group officials as well as Egyptian officials during the ceremony to grant both companies the golden license to conduct business in Egypt. Photo courtesy of General Authority for Investment (GAFI)
With Saturday’s announcement, the total number of companies that have received golden licenses now stands at 15.
The Egyptian cabinet approved the licenses in March, recognizing the potential of the two companies to locally produce household appliances, create jobs for Egyptian workers and bring in foreign currency through exports.
"These plans align with Egypt's 2030 vision and will achieve great gains for the Egyptian economy," GAFI President Hossam Heiba said.
"The long-term aim is for all investors to get the golden license and begin funding projects and building factories as soon as possible," he said.
BSH Egypt received a license to develop a facility specializing in cookers and refrigerators under the Bosch brand. They intend to finish the first phase, worth $53.5 million, in the fourth quarter of 2024, creating 500 jobs.
Beko Egypt received a license to establish a plant for the manufacturing and assembly of consumer durables and electrical appliances. The company aims to complete the initial $107 million phase of its facility by the end of this year, creating 1,300 jobs.
Hossam Heiba expressed confidence in Egypt's ability to attract significant foreign direct investment in the coming years, thanks to the ratification of the State Ownership Policy Document, the restructuring of the Supreme Investment Council, and the establishment of the golden license unit.
The golden license provides investors with the advantage of acquiring or leasing land, as well as operating and managing enterprises, without the need for additional government approvals.
These licenses, also known as "single approval licenses," were introduced as part of Investment Law 20/2017 and were activated in September 2022.
During the fiscal year 2021/2022, GAFI supported the establishment of around 31,000 firms and the capitalization of another 2,000 organizations, reflecting a 9.4 percent rise in the number of companies.