Helping investors THE GENERAL Authority for Investment and Free Zones (GAFI) published this week the harvest of 2005/2006, in which it underlined the measures that were taken to facilitate investment and clarify regulations for local and foreign investors. In the area of simplifying measures, GAFI issued the regulations of how to enjoy tax exemptions, and investors are no longer required to seek GAFI's approval when selling capital assets. A guide of all the new regulations was published to clarify procedures and ensure transparency. The commercial registers in Cairo and Alexandria, which include some 53,000 registered commercial entities, have been fully computerised. Moreover, GAFI's main offices in Alexandria and Assiut have been authorised to process new companies and provide basic services, so that investors in these regions do not need to come to the capital to finalise their paperwork. A new branch was also open in Ismailia to serve the cities around the Suez Canal. In the area of investor service, GAFI created a new department to provide counsel, statistics and information, as well as to respond to the frequently asked questions by investors. The department is also entrusted with gathering and updating investment-related data to keep investors well-informed of the latest news. Another department was created to deal with complaints and problems. At least 77 per cent of some 433 complaints referred to the department last year were successfully solved. They mostly had to do with taxes, customs, licences and land possession. In the meantime, committees charged with settling ministerial disputes over land were able to settle 80 per cent of the issues that emerged during the year. More attention was given to fostering small and medium-sized investment across the country. Links to at least 11 NGOs were established to reach out to small investors in the industrial zones of Assiut, Sohag, Fayoum and the 10th of Ramadan, to name but a few. Moreover, a comprehensive database of these governorates was collected to provide investors with information about the natural resources, infrastructure, main economic activity and most required projects in those regions. Targeting FDI THE CAIRO Investment Forum, the biggest investment gathering of Egyptian, Arab and international companies, will be held in Cairo during 10-11 December. Held under the auspices of President Hosni Mubarak, the event will provide the business community an opportunity to become acquainted with prospects in some vital sectors such as telecommunications, IT, real estate, tourism, banking and services. "The government is keen to attract more foreign direct investment [FDI] into the country in order to accelerate growth," said Ziad Bahaaeddin, head of the General Authority for Investment and Free Zones (GAFI). Bahaaeddin added that FDI influx into the country has reached a record $6 billion during the past year. The two-day event will discuss the latest investment facilities, potential sectors for investment, in addition to present trends in the banking and financing sectors, trade, agriculture and infrastructure.
