General Authority for Investment: 14 projects obtained the golden license

Dr. Amr Aboul Fotouh, Director General of Foreign Direct Investment at the General Authority for Investment, confirmed that the authority aims to facilitate the work of investors, attract foreign direct investments.

He explained that the authority seeks to promote investment opportunities on the land of Egypt, including the industrial sector, and there are standards that govern this process, including the size of the industrial sector's contribution to foreign direct investment.

Bring in foreign investments

He added that there are a number of industries in which the authority aims to bring in foreign investments, including the textile industries, engineering industries, the automotive industry, the feeding industries, the pharmaceutical industries, and the petrochemical industry.

He pointed out that there are 14 projects that have obtained the golden license in Egypt, which represents one approval for the project and includes all necessary licenses and procedures.

Aboul Fotouh said that there are a number of industries that the state aims to settle in Egypt, including the electrical industries.

General Authority for Investment

On the other hand, Industry expert Eng. Ali Selim, member of the Federation of Egyptian Industries, confirmed that The General Authority for Investment has studied the applications of 40 companies that applied for the golden license during the current period, and 14 of them have actually been issued, which is a good step to improve the investment climate in Egypt.

Selim added that the golden license experience is a new experience of its kind that reflects a completely different stage, with regard to improving the investment environment by exceeding the usual long time periods for obtaining licenses to start projects.

Pointing out that the experience of the golden license has become a general trend for the state and the Investment Authority to facilitate for investors, and work will be done to reduce the period of obtaining it during the coming period.

Golden license

The golden license is represented in granting one approval to establish, operate and manage a project, including building permits, and allocating the necessary real estate for it, and it may be granted to companies by a decision of the Council of Ministers.

Selim pointed out that the golden license greatly contributes to accelerating and facilitating company registration procedures, adding that it aims to accelerate investment activity and reflect positively on the Egyptian economy by attracting foreign investments.

In addition, the golden license gives great benefits to investors and frees them from the typical burdens they used to face.

Slim confirmed that It is necessary for the largest number of beneficiaries of the golden license to work in the industrial and productive sectors, and the service sector, especially since the two sectors are the biggest catalyst for the Egyptian economy.