President El Sisi meets with Minister of Investment
The following statement was released by Ittihadiya on 15 June 2015:
President Abdel Fattah El Sisi met on Sunday with Minister of Investment Ashraf Salman. The minister reviewed plans to hold a conference under the auspices of the President in Hurghada in September to encourage investment in Upper Egypt. The conference will detail incentives to attract investment to Upper Egypt, increase its growth rates and provide the infrastructure needed to enable investment projects.
Minister Salman stated that preparations for the conference include the finalization of the projects that will be showcased in detail to investors during the conference. He added that a plan to create a number of investment zones in Upper Egypt is under consideration to revitalize the region economically and provide jobs for the youth.
He also reviewed steps the Ministry of Investment has taken to attract Arab and foreign investment, notably measures to facilitate investment procedures and incorporate companies. The General Authority for Investment (GAFI) will extend its working hours until 12 am. Minister Salman noted that 1098 new firms were incorporated in the month of May; an unprecedented rate of registration for a single month.
President El Sisi stressed the importance of pressing ahead with the state’s plan to develop remote and areas of most need, including Upper Egypt, to achieve economic progress and improve citizens’ social conditions. He also emphasized the need to continue adopting the necessary measures to facilitate the investment process so as to attract more foreign investment into the country.