The Minister of Investment, Dr. Mahmoud Mohieldin, has urged the General Authority for Investment (GAFI) to focus on promoting oil refinery projects in light of new legislative amendments that allow such projects to enjoy the Free Zone System alongside their tax payment commitment.

Dr. Mohieldin believes it is highly important to have strong exposure to markets in Africa, Nile Basin countries and the Common Market for Eastern & Southern Africa (COMESA) region, by either attracting extra investments or pushing Egyptian investors to establish a footprint there.

Current investments in oil refineries reach $15 billion. Dr. Mohieldin said that new controls have been set to regulate the launch of new projects under the Free and Special Zone System but exclusively for high value added projects, seaport-related projects and labor-intensive projects.

"Work continues to improve investment services. Some 44 companies were set up under the online company construction system, activated mid-last March," Saleh remarked.

He said 7,268 companies were founded last year with $17.5-billion capital, up 15 percent in comparison to the year before.

 

Source: Al-Masry Al-Youm daily