GAFI draws up long-term strategy to lure investments

The General Authority for Investment and Free Zones (GAFI) is working out a long-term strategy for attracting fresh investments to all investment sectors, the authority's chairman, Mohammed El-Ghamrawi, said. The strategy will also identify the role to be played by Ministries, Governorate and trade representative officers abroad in the strategy's implementation.

He added that the strategy will involve making use of the expertise of other countries, for example Ireland, Scotland and Italy.

Together with the strategy, Gafi will also prepare a report on the problems facing investment companies generally and individually

At a meeting with the heads of the GAFI sectors, E1 Ghamrawi pointed out that, in its tenders, the Authority will give priority to bids encouraging national industries, thereby saving foreign currency.

The same meeting tackled the executive steps for the implementation of the electronic methods (regarding registration) used in the foundation of companies and also discussed a study by the Cabinet Information and Decision Support Center on introducing a unified code for investment projects.

The study recommends giving each company a specie code to facilitate enquires about the company on new Internet site.