Investment flourishing in Egypt

The issued capital of investment companies that have begun operations in the last fiscal year (1999/2000) has reached LE 5.5 billion.

Their investment costs are LE 10 billion and they have also created 46,000 jobs.

Chairman of the General Authority for investment and Free Zones Mohamed Ghamrawi said yesterday that 251 foreign companies operating in Egypt according to investment law have widened the scope of their activities during the last year with issued capital of LE 4.5 billion.

Ghamrawi, speaking at a meeting of the authority, said this reflects confidence in the investment field in Egypt, as well as the political and economic stability in the country.

He added that 397 investment companies have started in compliance with the investment law.

Ghamrawi explained that this reflects the facing that the government has removed many obstacles that faces investors, and offered new services were to encourage them. He stressed that GAI is also very committed to the removal of all obstacles.