Heiba Invites Greek Companies To Explore Investment Opportunities In Egypt

(MENAFN- Daily News Egypt) Hossam Heiba, CEO of the General Authority for Investment and Free Zones, invited Greek companies to explore the investment environment in Egypt, during his participation in the Egyptian-Greek Investment Forum in Athens. The forum, titled“Greece – Egypt: Business and Investment Opportunities,” was organized by the Athens Chamber of Commerce and Industry in collaboration with the Egyptian Embassy and the Commercial Office in Athens. The event was attended by Sofia Koninaki Efremoglou, President of the Athens Chamber, Konstantinos Fragkogiannis, Greek Deputy Minister of Foreign Affairs for Economic Affairs, and Omar Amer, Egypt's Ambassador to Greece, along with representatives from over 60 Greek companies interested in investing in Egypt, including prominent names such as Mytilineos (global energy company), Asprofos (engineering consultancy), and Hellenic Energy (low-carbon energy solutions). Several Egyptian companies, like El Sewedy Group and Madinet Masr for Housing and Development, also participated, aiming to form partnerships with the Greek side.

Heiba highlighted the Egyptian government's efforts to facilitate investment procedures and enhance the competitiveness of the Egyptian economy. These initiatives have positioned Egypt as the leading African destination for investments for two consecutive years. The government has increased infrastructure spending, amended legislation, and introduced new strategies and incentives to attract investments in sectors aligned with sustainable development goals, such as tourism, information technology, pharmaceuticals, renewable energy, automotive, textiles, healthcare, and education.

The CEO emphasized the role of the General Authority for Investment and Free Zones in simplifying investment procedures, especially through the introduction of the“Golden License,” a comprehensive approval for all necessary permits to establish projects and begin production. He also mentioned the launch of electronic company registration services and the automation of investment-related services, which enabled the authority to establish approximately 38,000 companies in the fiscal year 2023/2024.

Heiba invited Greek companies to take guided tours of Egypt's investment environment, noting the significant improvement in trade and investment relations between the two countries. Bilateral trade volume reached approximately $2bn, and around 200 Greek companies operate in Egypt across various sectors. He also mentioned the importance of the Egyptian-European Investment Conference, held in June, where significant agreements were signed with Greek counterparts. These include an agreement between Antipollution Egypt and the Suez Canal Economic Zone to manage waste from ships transiting the canal, and a $11bn project by DAI Infrastructure to produce green ammonia at East Port Said.

Heiba outlined various investment opportunities tailored to Greek companies' interests, including free, investment, and technological zones, in addition to the Suez Canal Economic Zone, which has attracted significant interest from Greek companies, particularly in the marine services and renewable energy sectors.

On the sidelines of the forum, Heiba met with representatives from Asbis, a company specializing in the production of juices and concentrates that export to 80 countries worldwide. The company plans to invest €15m in the Egyptian market. He also held discussions with the Athens Medical Group, which holds a 15% share of the healthcare market in Greece. The group is considering entering the Egyptian market by establishing a hospital in partnership with the Egyptian business community or acquiring an existing healthcare facility.

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