{"id":581278,"date":"2023-02-07T00:00:00","date_gmt":"2023-02-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/07\/bring-back-the-investment-ministry-to-attract-fdi-say-senators-gafi-officials\/"},"modified":"2023-02-07T00:00:00","modified_gmt":"2023-02-07T00:00:00","slug":"bring-back-the-investment-ministry-to-attract-fdi-say-senators-gafi-officials","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/07\/bring-back-the-investment-ministry-to-attract-fdi-say-senators-gafi-officials\/","title":{"rendered":"Bring back the Investment Ministry to attract FDI, say senators, GAFI officials"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Some senators want the Investment Ministry back:<\/span><span style=\"\"> The Senate Financial and <\/span><span style=\"font-weight:400;\">Economic Affairs Committee and GAFI officials yesterday called on the government to bring back the Investment Ministry. \u201cWe \u2014 senators and officials from the General Authority for Freezones and Investment (GAFI) \u2014 agreed that there is a pressing need for the return of the Investment Ministry as this could play a very positive role in doubling foreign direct investments coming to Egypt and offering facilities to investors,\u201d said committee chair Hani Sarieddin.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Egypt hasn\u2019t had an investment ministry since 2019:<\/span><span style=\"\"> The ministry <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/23\/meet-your-new-cabinet-8910\/\" style=\"\">was abolished<\/a><\/span><span style=\"\"> as part of a <\/span><span style=\"font-weight:400;\">cabinet shuffle in late 2019 that saw Prime Minister Moustafa Madbouly assume greater responsibility for attracting FDI and take charge of GAFI.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The call came following a committee meeting with GAFI officials to discuss obstacles to increasing FDI<\/span><span style=\"font-weight:400;\"> into the country. The \u201cmeeting agreed that there should be a single institution responsible for regulating and supervising investments in Egypt,\u201d Sarieddin said. \u201cWe all agreed that the Investment Ministry should be back to play this role.\u201d<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">A dedicated institution for promoting investment? If it is focused and has teeth, we <\/span><span style=\"font-weight:700\">agree.<\/span><span> <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/issues\/2022\/10\/18\/am-a-five-step-recipe-to-boost-exports-fdi-and-make-sure-egypt-never-has-to-ask-the-imf-for-another-cent\/#tldr-story-05\" style=\"\">We\u2019ve been<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/issues\/2022\/10\/18\/am-a-five-step-recipe-to-boost-exports-fdi-and-make-sure-egypt-never-has-to-ask-the-imf-for-another-cent\/#tldr-story-05\" style=\"\">calling on<\/a><\/span><span> the government to establish an investment promotion agency dedicated to attracting multinationals to set up shop in Egypt. Investment Ministry or Invest Egypt: Call it what you like \u2014 it\u2019s going to be needed if the government wants to meet its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/05\/16\/madbouly-announces-plans-to-privatize-state-assets-boost-private-investment-71163\/\" style=\"\">ambitious goa<\/a><\/span><span>l of attracting <\/span><span>USD 40 bn in FDIs <\/span><span>over the next four years. <\/span><span style=\"font-weight:700;\">A mandate to run a targeted investment promotion program AND a clear authority to make it easier to do business in Egypt will be key.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">ALSO FROM THE SENATE<\/span><span style=\"font-weight:400;\">- <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Senate Agriculture Committee wants a gov\u2019t committee to regulate fertilizers:<\/span><span style=\"\"> The Senate <\/span><span style=\"font-weight:400;\">Agriculture Committee called for the formation of a committee dedicated to supervising the production and distribution of chemical fertilizers to ensure adequate supply for local farmers.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">More calls for action on family violence:<\/span><span style=\"\"> National Council for Human Rights (NCHR) head <\/span><span>Moushira Khattab urged the passing of the new Personal Status Act during the second day of debates by the Senate on a report on family violence. \"We are in a pressing need for this law to be passed as soon as possible to settle family disputes which have become a major source of violence,\" she said. Lawmakers are in the process of <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/06\/senate-committee-greenlights-bill-allowing-informal-industrial-projects-to-get-temp-licenses-95590\/\" style=\"\">drafting new legislation<\/a><\/span><span style=\"font-weight:400;\"> that will introduce tougher penalties for perpetrators of female genital mutilation (FGM) and child marriage, Social Solidarity Minister Nevine El Qabbaj told the Senate earlier this week.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Some senators want the Investment Ministry back: The Senate Financial and Economic Affairs Committee and GAFI officials yesterday called on the government to bring back the Investment Ministry. \u201cWe \u2014 senators and officials from the General Authority for Freezones and Investment (GAFI) \u2014 agreed that there is a pressing need for the return of the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":581279,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7344],"tags":[72,103,461,6663,125,187,392],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-enterpriseam","tag-fdi","tag-gafi","tag-investment-ministry","tag-investment-watch","tag-legislation-watch","tag-senate","wpautop","entry"],"acf":{"mongo_id":"9d7b130f-2eff-4490-819c-eb21248a0a78","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/6\/talks-agreement-business-1600.jpg","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[581271],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/2\/.1cc977f6-0db9-4c12-9028-6415e77b868f.mp3"},"yoast_head":"<!-- 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investment","author":"enterpriseam admin","date":"14 November 2019","format":false,"excerpt":"LEGISLATION WATCH- Investment Act amendments require public, private entities to submit data on foreign investment assets to GAFI: Prime Minister Moustafa Madbouly signed off on amendments to the Investment Act\u2019s executive regulations that would require public and private entities to submit quarterly reports to the General Authority for Freezones and\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":596769,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/08\/house-nods-to-investment-act-law-allowing-foreigners-to-obtain-egyptian-passports\/","url_meta":{"origin":581278,"position":1},"title":"House nods to Investment Act, law allowing foreigners to obtain Egyptian passports","author":"enterpriseam admin","date":"8 July 2019","format":false,"excerpt":"LEGISLATION WATCH- It was a busy day at the House of Representatives as MPs rush to clear bills off their tablebefore flocking to Sahel for their annual summer recess. Amendments to the Investment Act that aim to extend incentives to\u00a0existing projects got a final nod at the House general assembly\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/662.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593592,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/02\/egypt-launches-website-to-create-database-of-foreign-investment\/","url_meta":{"origin":581278,"position":2},"title":"Egypt launches website to create database of foreign investment","author":"enterpriseam admin","date":"2 October 2019","format":false,"excerpt":"The General Authority for Investment (GAFI) has asked public and private sector companies to provide information about direct and indirect foreign investment on a newly launched website (Arabic) (English) built for statistical and auditing purposes, the Investment Ministry said in a statement.","rel":"","context":"In &quot;Other Business News of Note&quot;","block_context":{"text":"Other Business News of Note","link":"https:\/\/enterpriseam.com\/egypt\/category\/other-business-news-of-note\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":591782,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/17\/baker-mckenzie-explains-egypts-latest-investment-act-exec-reg-amendments-on-foreign-investment-data\/","url_meta":{"origin":581278,"position":3},"title":"Baker McKenzie explains Egypt\u2019s latest Investment Act exec reg amendments on foreign investment data","author":"enterpriseam admin","date":"17 December 2019","format":false,"excerpt":"If your company has a foreign investor in its shareholder base, GAFI wants extra data from you every quarter: The Investment Ministry issued last month amendments to the Investment Act that will require public and private entities alike to submit quarterly report to the General Authority for Freezones and Investment\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":595801,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/06\/gafi-approves-offering-107-projects-in-meit-ghamr-investment-zone\/","url_meta":{"origin":581278,"position":4},"title":"GAFI approves offering 107 projects in Meit Ghamr investment zone","author":"enterpriseam admin","date":"6 August 2019","format":false,"excerpt":"The General Authority for Investment\u2019s (GAFI) board approved tendering 107 projects in the metallurgical sector in the Meit Ghamr investment zone, according to a statement from the Investment Ministry.","rel":"","context":"In &quot;Other Business News of Note&quot;","block_context":{"text":"Other Business News of Note","link":"https:\/\/enterpriseam.com\/egypt\/category\/other-business-news-of-note\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570023,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/16\/foreign-direct-investment-up-16-in-2q2019-2020-gafi\/","url_meta":{"origin":581278,"position":5},"title":"Foreign direct investment up 16% in 2Q2019-2020 -GAFI","author":"enterpriseam admin","date":"16 March 2020","format":false,"excerpt":"FDI rises by 16% in 2Q2019-2020, says GAFI: Net foreign direct investment (FDI) into Egypt increased by 16% y-o-y during 2Q2019-2020, head of the General Authority For Investment and Freezones (GAFI) Mohamed Abdel Wahab said during a cabinet meeting yesterday. Although Abdel Wahab did not provide an exact figure, the\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/186.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/581278","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=581278"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/581278\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/581271"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/581279"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=581278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=581278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=581278"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=581278"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=581278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}