CAIRO: Three branches of the General Authority For Investment GAFI will be inaugurated during the upcoming Fiscal Year 2014-15 in a move to facilitate and attract new investments, Minister of Industry, Trade and Investment Mounir Fakhry Abdel Nour announced Tuesday, Egynews reported.
The new branches will be in Upper Egypt’s governorate of Sohag,the Sixth of October City and Gamasa town in Lower Egypt’s governorate of Dakahlia, said Abdel Nour.
The inauguration of the new branches comes in light of the ministry’s plan to implement a one-window service system which could ease the formal procedures to establish a new investment, Abdel Nour added.
Hassan Fahmy, chairman of GAFI said the government is working on amending the investment laws and regulations to curb obstacles to investment, Egynews reported.
“The new amendments basically aim to protect Egyptian products and easing the procedures to start new investments in parallel with developing the structure of the GAFI’s nine branches,” said Fahmy.
In a phone interview with The Cairo Post, Alia al-Mahdy, former dean of Cairo University’s Faculty of Economy and Political Sciences praised the ministry’s decision to inaugurate GAFI’s new branches.
“The implementation of the one-window service-based system will positively impact the investment rates during the upcoming phase,” said Mahdy who added that the routine accompanying a new investment procedure has been a “great obstacle” that hindered investments during the past years.
Inaugurating such branch in Upper Egypt’s governorate of Sohag is a “positive step” towards attracting new investments in such a poor area; a step that could ease pressures on the current urban branches and could also create more job opportunities, said Mahdy.