On 9-11 April 2018, Egypt will be leading a large delegation to participate at the Annual Investment Meeting (AIM) To promote investment-friendly regime with new investment law to secure FDI to power its economic growth.
The AIM last 2 - 4 April 2017 at the Dubai World Trade Centre. Photo: Annual Investment Meeting (AIM)
AIM is a global investment platform participated by dozens of ministers, secretaries, large pool of banks, financial institutions, investment promotion bodies, global institutions and individual investors which will take place at the Dubai World Trade Centre.
Egypt’s net foreign direct investment increased 6.5 percent to $13.3 billion in the last financial year ending June 30, 2017, up from $12.5 billion in the previous fiscal year, according to the country’s central bank.
Last May 2017, Egypt has enacted a new Investment Law which aims to boost foreign and domestic investment, generate more jobs, and attract new investments to Egypt through offering further incentives and guarantees.
The new law strengthens non-tax incentives and investment protection guarantees, added new rules for state-land allocation, set new out-of-courts forums to amicably settle investor-state disputes, and authorised the General Authority for Investment and Free Zones (GAFI) to act as a one-stop-shop for all investment related licensing procedures.
The Investment Law introduces a new tax reduction system for investment in certain geographical areas as well as investment in specific sectors.
The International Monetary Fund (IMF) in a recent report, said, “[Egypt’s economic] Growth is projected to strengthen to 4.8 percent in 2017/18 and rise further to around 6 percent in the medium term. Improved external competitiveness, reforms of the business environment and a further recovery in tourism would help narrow the current account deficit.”
Dawood Al Shezawi, Chief Executive Officer of Annual Investment Meeting Organizing Committee, said: “Egypt is one of the most important players in the Middle Eastern economy and the country offers one of the best returns on investment. Egypt’s GAFI will promote the investment climate in the country through AIM and make its best presentation.
“As a country, Egypt has the potential to grow faster powered by FDI. However, the country needs to promote its economy and AIM offers the best promotional platform for investors,” he added.