The General Authority for Investment and Free Zones (GAFI) has introduced a new initiative called the “Single Approval” to enhance its existing “Golden License” framework in order to attract more investors. This development was announced on August 7th, 2023, by Hossam Haiba, who serves as the Chairman of GAFI. The Single Approval is designed to provide a streamlined and expedited process for investors seeking various licenses related to their investment projects.
Key points from the announcement include:
- Single Approval Framework: The Single Approval is a new category within the Golden License framework. It aims to simplify and expedite the process of obtaining licenses required for investment projects. This includes licenses related to construction, environmental compliance, civil protection, and other licenses linked to investment activities.
- Efficient Processing Time: Investors can now obtain the Single Approval within just 20 working days. This quicker processing time is expected to encourage more investment in the country by reducing bureaucratic hurdles.
- Diverse Sectors: The Single Approval covers a wide range of sectors, including green energy projects, medical industries, and household appliances. This indicates that the initiative is open to a variety of investment endeavors.
- Strategic Pathways for Key Sectors: GAFI, under the leadership of Hossam Haiba, has been focusing on formulating strategic pathways for important sectors such as the automotive and electrical appliance industries. These strategies are aligned with Egypt’s Vision 2030 and are intended to adapt to global economic shifts and dynamics.
- Foreign Interest and Partnerships: The announcement highlights an increase in interest from foreign companies looking to invest in the Egyptian market. The automotive sector, in particular, has seen fruitful dialogues with both local and international entities, resulting in the signing of Memoranda of Understanding (MoUs) with global automobile manufacturers.
- Prominence of Electrical Appliance Industry: The electrical appliance industry is highlighted as a strategically significant sector for Egypt. The country possesses a competitive advantage in this field, with established corporations and support industries. The sector’s potential for domestic sales and subsequent exportation is emphasized.
- Government Commitment: The Egyptian Government’s dedication to improving the investment landscape is evident through continuous revisions and updates aimed at fostering investment activities within the country.
Overall, the introduction of the Single Approval within the Golden License framework represents a proactive step by GAFI to attract investors by offering a more efficient and streamlined process for obtaining licenses across various sectors. This initiative aligns with Egypt’s broader economic development goals and its efforts to remain attractive to both local and foreign investors.