Minister of Investment and International Cooperation Sahar Nasr uncovered on July 15 the second phase of Egypt’s investment map, adding up 2,000 new investment opportunities to the Egyptian market, Invest-Gate reports.
The celebration came in the attendance of Minister of Antiquities Khaled El Anani, Minister of Communications and Information Technology Amr Talaat, amongst other dignitaries, where Nasr revealed that the new investment map boosts the already existing 1,270 projects, which were earlier mooted under the initiative’s first phase – inaugurated by President Abdel-Fattah El-Sisi in February 2018. The step is deemed a crucial supplement to the initial phase, bringing the total number of developments to 3,000, including national megaprojects, free zones, and industrial complexes.
In compliance with the new investment law, the map is aimed at paving the way for foreign investors and businessmen to recognize the available opportunities in Egypt. Its priority list of megaprojects consist of the New Administrative Capital (NAC), Suez Canal Economic Zone, New Alamein, Galala City, the president’s 1.5 mn acre initiative in the Western Desert, and the Grand Egyptian Museum (GEM), Nasr confirmed.
“Phase II is the fruit of collaborative efforts to utilize information technologies and create an alluring business climate in Egypt,” the minister was quoted as saying, noting that the new plan was prepared in coordination with 66 government bodies and 22 ministries, coming in conjunction with the state’s Investor Service Center, oriented toward offering general knowledge on the country’s business climate and extending the possibility of the establishment of small- and medium-sized enterprises (SMEs).
In line with Egypt’s digital transformation plans, the map’s latest version will be updated on a daily basis and will offer new online features to prospective investors, including a virtual library embracing digital texts of all investment-related legislation, the ability to create online profiles to allow the establishment of a list of investment opportunities based on personal preferences, in addition to means of distinguishing prospects, downloading brochures, and submitting suggestions to further advance the initiative.
On the sidelines of the event, El Anani hailed the efforts exerted by the investment ministry to render international funds for various Egyptian museums and draw more investments to Egypt’s antiquities sector, indicating that for the first time the private sector will manage and operate services at archaeological zones such as Giza Pyramids and GEM.
Similarly, Talaat showcased multiple opportunities in the telecommunication sector, emphasizing that Egypt has enough room for tech investments and praising Knowledge City, which is underway in NAC and is set to become an icon for the industry of communication and technology in the North African country.