Egypt and Madagascar strengthen investment partnership through exchange of expertise

Written by Ziad Abdel Fattah:

Hosted General Investment Authority Egypt’s free zones received a high-level delegation from Madagascar to discuss ways to enhance investment cooperation and exchange experiences in attracting investments and improving the business environment, in a move that reflects the state’s direction towards deepening economic cooperation with African countries.

The visit comes within the framework of the directives of Dr. Mohamed Farid, Minister of Investment and Foreign Trade, regarding the need to expand the horizons of cooperation with sister countries, and to work on increasing the flows of foreign direct investment into the Egyptian market.

Participation of prominent leaders from Egypt and Madagascar

The meetings were attended by prominent leaders from both sides, with the Malagasy delegation headed by Jozel Rafidi, CEO of the Economic Development Board of Madagascar, while the Egyptian side was represented by Major General Yasser Abbas, Deputy CEO of the Authority, in the presence of Heba Salama, CEO of the COMESA Regional Investment Agency.

During the meetings, the Egyptian side reviewed the efforts made to develop the investment climate, most notably the modernization of free and investment zones, and the provision of an integrated package of incentives and facilities, most notably Investment Law No. 72 of 2017, in addition to the system of investor service centers and the golden license, which contributes to accelerating procedures and improving the investor experience.

Egypt enjoys competitive advantages

Egypt’s competitive advantages were also emphasized, most notably its strategic location, extensive network of trade agreements, and diverse industrial and free zones, which enhance its position as a regional manufacturing and export hub.

For her part, Jozel Rafidi praised the Egyptian experience in developing the investment environment, stressing Madagascar’s interest in benefiting from these experiences and expanding areas of joint cooperation, especially in supporting the private sector.

The visit program included a series of artistic performances and specialized sessions, in addition to field visits to a number of investment and free zones, including the Ismailia Free Zone, the Tenth of Ramadan City Investment Zone, the Investors Services Center, as well as a tour of the Suez Canal Economic Zone and the Ain Sokhna Port.

The visit concluded with an emphasis on the importance of strengthening institutional communication between investment promotion agencies in both countries, and working to increase mutual investments, in order to support African economic integration and contribute to achieving the Sustainable Development Goals.