Substantial changes have taken place in the investment landscape during President Sisi's tenure.
Eng. Ehab Said, Head of the General Division for Communications - File Photo
Egypt's Telecommunications and Information Technology sector emerges as a major beneficiary of foreign investment inflows, with a remarkable growth rate exceeding 16% under President Abdel Fattah El-Sisi's leadership. It now contributes approximately 5% to the country's overall GDP, according to Eng. Ehab Said, Head of the General Division for Communications, Electronic Payments, and Financial Services at the Federation of Egyptian Chambers of Commerce and a member of the board of the Cairo Chamber of Commerce.
Emphasizing the significance of the Supreme Investment Council's decisions, led by President Sisi, Said states that they instill confidence among investors and arrive at a timely juncture to propel Egypt's economic momentum. He further asserts that the political leadership demonstrates a profound commitment to facilitating investment and removing obstacles in this regard.
Said elaborates on how these decisions encompass a package of incentives aimed at encouraging investors to establish a presence in Egypt. By simplifying investment regulations and eliminating impediments to company formation, coupled with the provision of online services, anyone can now register their company within a single day.
Notably, substantial changes have taken place in the investment landscape during President Sisi's tenure. Extensive modifications to outdated legislation that hindered investment flow have been made. Moreover, serious investors are now granted a golden license, expediting and facilitating project implementation—an unprecedented development that underscores President Sisi's swift response to the demands of investors and business leaders.
Said commends the issuance of 22 resolutions during the recent meeting of the Supreme Investment Council, presided over by President Sisi. This reinforces the state's determination to transform Egypt's investment climate and enhance its attractiveness. He anticipates the introduction of new legislation specifically targeting investors in the near future.
Furthermore, the government has extended new incentives to investors, including tax exemptions on production supplies, raw materials, and the importation of factory equipment and operational tools. Additional benefits encompass affordable industrial land prices, the provision of trained labor, and all these measures are expected to attract new foreign investments in the coming period.
Said expects the fruitful outcomes of these decisions to materialize in the second half of this year, with a surge in incoming investments to Egypt. He particularly highlights that the Telecommunications and Information Technology sector stands to benefit significantly from these resolutions.
