CAIRO – The CEO of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba said Wednesday the Authority is currently updating its service platform to qualify GAFI incorporate Artificial Intelligence (AI) techniques meant to analyse data of economic establishments operating under the Authority’s umbrella, with the aim of contributing to the production of short- and long-term solutions and strategies that support the investment climate in Egypt in co-operation with the Ministry of Communications and Information Technology.
About 400,000 economic establishments operate under the Authority’s umbrella, out of about six million economic establishments operating in Egypt.
During his participation in the fifth edition of the Investing in Egypt’s Future Conference, organized by the General Federation of Chambers of Commerce, Heiba said Egypt, despite topping the list of African countries in attracting investment flows, is exerting strenuous efforts towards a key goal, namely attracting new investments to the market, especially in the digitization and information technology sector, that constantly witnesses emergence of financing mechanisms, investment systems, procedures and innovative legislations that serves nature of this sector.
GAFI chairman reviewed the Authority’s drives to create an investment atmosphere for technological companies, starting with the digitisation of services and the launching electronic incorporation of companies, as well as amending procedures to facilitate the establishment of individual companies and virtual companies, together with allowing service activities to be included in the activities permitted to operate within free zones for the first time, with a view to contributing to increasing Egypt’s exports of services.
Heiba said the Authority is hosting the permanent unit to support emerging companies and entrepreneurship, that coordinates efforts of all parties concerned with this rapidly growing sector and introduces entrepreneurs to all services and benefits provided to emerging companies.
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