São Paulo – A series of decrees issued by Prime Minister Mostafa Madbouly are in effect in Egypt to encourage investments in a new economy. The measures, issued in March, facilitate projects in areas such as sustainability, artificial intelligence, innovation, and scientific research and improve the business environment by simplifying procedures for investors. The Embassy of Egypt to Brazil released information for Brazilians to become aware of the new legislation.
The decrees determine additional incentives will be granted to investors according to the adequacy of the foreseen requirements for each sector and the project’s geographic location in Egypt. The measure divided activities into subsectors, ranging from electricity and renewable energy to education and sports. Depending on the activity segment and region, projects are required to be labor-intensive, renewable energy-based, or export-oriented to receive incentives.
The General Authority for Investment and Free Zones (GAFI) will coordinate with the ministries and entities responsible for the subsectors, the works in each location, and activities to identify projects to receive additional incentives. The goal is for these business initiatives to help Egypt’s economic development plan with the local growth of the green economy, advanced technology, artificial intelligence, innovation, and scientific research.
The decrees also provide for speeding up services to investors. Government entities required to issue approvals, authorizations, or licenses for new investments will have 20 working days from the application to deliver services. The GAFI will submit monthly reports to the Council of Ministers on the procedures.
Translated by Elúsio Brasileiro