Procedural Reforms in Investment Field
· Working quickly to create an attractive environment for investment, removing barriers in face of investors, keeping non-stop contacts with all investors, especially local investors, and solving any problem in face of their business, where the countries which support the domestic investments succeed to attract larger foreign investments. The government, however, is currently taking several decisions to remove bureaucracy and settle problems in face of investors immediately.
· The protocol signed by the Communications Ministry with the international companies IBM and Microsoft was activated with the aim of automating the services provided by the General Authority for Investment (GAFI). The Investment Ministry is currently in coordination with the Ministry of Planning and the Central Bank of Egypt (CBE) in order to develop an integrated e-system with a solid and deep infrastructure thus finalizing the companies e-establishment system, which will be launched by the first quarter of 2017. This will help achieving a quantum leap on the procedural and administrative level for doing business and pumping investments in Egypt.
· GAFI applied the use of most advanced technology and e-automation in dealing with investors in order to save their time, streamline the investment procedures and accelerate issuance of licenses for projects, thus preparing for linking the main Investment Services Complex with all investment branches and offices nationwide.
· Considering e-linking of free zones and activating VIP exporter services, where GAFI, supported by the Customs Authority, aim to activate the VIP service for senior exporters with the purpose of accelerating customs clearance for reputable leading companies. In coordination with the Customs Authority and the Central Bank of Egypt, GAFI will exert all efforts needed to activate e-linking of free zones. Both GAFI and Egypt’s Customs Authority agreed on holding a monthly follow-up meeting with the joint working group in order to discuss any problem and eliminate all barriers hindering the investment projects.
· Establishing branches for Investment Services Complex in all Egyptian governorates, where Suhag branch was opened while there is a plan to open more branches in Gamasa, Port Said, New Valley, Marsa Matrouh and Aswan. GAFI made contacts and coordination with the Egyptian governors in order to allocate untapped places for the authority in different governorates for establishment of such branches.
· In accordance with provisions of the Law No. 17 for the Year 2015 and the Executive Regulations therein, GAFI has facilitated measures of granting licenses and allocating lands for establishment of industrial facilities and projects in coordination with the competent entities. Some 103 projects were considered during the period from June to September 2016 in Port Said, New Valley, Marsa Matrouh and Beheira.
· Article No. 55 of the Law No. 17 for the Year 2015 stipulates that GAFI shall issue the final licenses, in order to facilitate challenges in face of investors regarding issuance of licenses and approvals within specific periods of time to serve the investment process.
· Unifying concepts and standards applied by all GAFI employees upon considering and reviewing requests of investors with the aim of unifying the applicable concepts while avoiding the conflicting interpretations.
· Holding the meeting of the technical committee of free zones affairs on a weekly basis to consider different requests of investors (renewal of license, amendment of licenses and decisions, approval of new projects, general principles and issues).
· A decision was issued to facilitate post-corporation procedures, which may include:
§ Using an updated application for ratifying minutes of board and general assembly meetings.
§ Issuing a decision on amending companies pre-financial examination for purposes of amending the capital structure or changing the legal status with the aim of simplifying procedures for investors.
§ Holding meetings, conducting continuous correspondences and keeping non-stop contacts with the competent entities in order to activate the new land allocation system.
§ Putting land allocation as one of three elements of one-stop shop service (incorporation, allocation, and license).
§ Developing GAFI Call Center Service to answer all questions and queries by investors while updating GAFI VIP Service.