Latest news with #GAFI
Zawya
2 days ago
- Business
- Zawya
Egypt: GAFI chief highlights tax incentives, licensing reforms to boost mining investment
Egypt - Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), affirmed that Egypt's strategy to raise the mining sector's contribution to 5% of GDP focuses on deepening industrial capacity, establishing value-added chains within mining industries, and expanding logistics services, including shipping, transport, storage, and supply chain management. His remarks came during the Egypt Mining Forum 2025, held under the auspices of the Ministry of Petroleum and Mineral Resources, with the participation of prominent local and international stakeholders. Heiba emphasised that the mining sector has long represented a strategic partnership between the government and the private sector. In recent years, the Egyptian government has prioritised enhancing the sector's competitiveness through targeted investment incentives and infrastructure development, recognising the country's significant mineral potential. The GAFI chief detailed the incentives offered under the Investment Law for mining institutions, most notably the right to recover up to 50% of investment costs via tax deductions over a period of seven years from the project's commencement. Furthermore, mining projects can apply for the Golden Licence, which consolidates all required approvals and permits into a single licence issued within just 20 working days. Heiba also highlighted a range of investment systems tailored to mining projects, including special free zones and dedicated investment zones, which enable investors to complete all licensing procedures in one location. He noted that GAFI now hosts Egypt's digital company registration platform and the unified investment licensing platform, adding that the digitisation of services has significantly streamlined processes and supported growth in the mining sector in recent years. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
Daily News Egypt
3 days ago
- Business
- Daily News Egypt
GAFI chief highlights tax incentives, licensing reforms to boost mining investment
Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), affirmed that Egypt's strategy to raise the mining sector's contribution to 5% of GDP focuses on deepening industrial capacity, establishing value-added chains within mining industries, and expanding logistics services, including shipping, transport, storage, and supply chain management. His remarks came during the Egypt Mining Forum 2025, held under the auspices of the Ministry of Petroleum and Mineral Resources, with the participation of prominent local and international stakeholders. Heiba emphasised that the mining sector has long represented a strategic partnership between the government and the private sector. In recent years, the Egyptian government has prioritised enhancing the sector's competitiveness through targeted investment incentives and infrastructure development, recognising the country's significant mineral potential. The GAFI chief detailed the incentives offered under the Investment Law for mining institutions, most notably the right to recover up to 50% of investment costs via tax deductions over a period of seven years from the project's commencement. Furthermore, mining projects can apply for the Golden Licence, which consolidates all required approvals and permits into a single licence issued within just 20 working days. Heiba also highlighted a range of investment systems tailored to mining projects, including special free zones and dedicated investment zones, which enable investors to complete all licensing procedures in one location. He noted that GAFI now hosts Egypt's digital company registration platform and the unified investment licensing platform, adding that the digitisation of services has significantly streamlined processes and supported growth in the mining sector in recent years.
Zawya
4 days ago
- Business
- Zawya
Hong Kong-based Crystal Martin to establish garment factory in Egypt
Arab Finance: Hong Kong-based Crystal Martin Group, a global leader in apparel manufacturing, plans to establish a factory in Egypt, on an area of 1.5 million square meters, according to a statement. The new facility will offer 4,000 jobs, while localizing its technology in Egypt and creating a highly efficient value-added chain that relies on 60% to 70% local content. Hossam Heiba, the CEO of the General Authority for Investment and Free Zones (GAFI), said Egypt enjoys all the capabilities to become a global center for the manufacturing and trading of ready-made garments. This comes amid rising demands for textiles and ready-made garments in Egypt over the past years. Heiba also addressed the improvement in the road and port network that connects manufacturing centers within Egypt to target foreign markets at competitive costs. The GAFI has studied the experiences of leading countries in the textile and ready-made garment re-export sector over the past few years, added Heiba. The CEO noted that Egypt is expected to become a regional hub for the manufacturing and trading of textiles and ready-made garments in the Mediterranean region within two years. The authority established regional offices for major global brands in Egypt, and the commencement of production in several factories, which injected new investments and expanded into public and private free zones in the cities of Minya, New Alamein, 10th of Ramadan City, Sadat City, and the Suez Canal Economic Zone (SCZONE). On his part, Hani Sallam, the Chairman of the Textile Export Council (TEC), lauded Egypt's remarkable development in infrastructure and the reduction in the duration of government procedures, particularly regarding free zones and customs ports. Sallam pointed out that these measures facilitate and accelerate import and re-export operations. He also affirmed the council's support for the authority's efforts to attract international companies to open offices in Cairo and establish affiliated distribution centers within the framework of public and private free zones. Daniel Stockdale, Crystal Martin's Vice President of Operations, announced the company's plans to move a portion of its production to Egypt, given its tax and non-tax incentives, streamlined establishment, and operating procedures, as well as the availability of trained labor. Meanwhile, the actual production at the company's factories is expected to begin within two years for export to markets with trade agreements with Egypt, particularly the EU and the US. Stockdale also unveiled the company's intention to apply for a golden license to expedite construction and operation, asserting that its investments meet all the criteria for obtaining the license. Crystal Martin Group's annual business volume is estimated at nearly $2.5 billion, and it manufactures for numerous global brands such as Levi's, Adidas, and Nike at its factories in China and Southeast Asia. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
11-07-2025
- Business
- Zawya
Elsewedy Industrial Development, Turkish Boni to establish $100mln integrated textile factory in Egypt
Arab Finance: Elsewedy Industrial Development, a subsidiary of Elsewedy Electric, has signed an agreement with Turkish textile giant Boni to establish a $100 million integrated textile factory in 10th of Ramadan City, as per a statement. The project will be developed within the Industria 10th industrial zone and span 120,000 square meters, becoming a private free zone aimed at enhancing Egypt's role as a regional textile hub. Supported by the Egyptian Commercial Representation Office in Istanbul and the General Authority for Investment and Free Zones (GAFI), the deal is seen as a step forward in attracting foreign direct investment into Egypt's textile sector, a key contributor to exports and job creation. Operations at the new facility are expected to begin by the end of 2026 and create around 2,500 direct and indirect jobs. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Al-Ahram Weekly
02-07-2025
- Business
- Al-Ahram Weekly
Chinese PM to visit Egypt amid growing political, economic, military ties - Foreign Affairs
Chinese Premier Li Qiang will begin a two-day visit to Egypt on 9 July, following his attendance at the BRICS Summit in Brazil, the Chinese Foreign Ministry confirmed on Wednesday. The visit comes at the invitation of Egyptian Prime Minister Mostafa Madbouly and follows a period of intensified diplomatic and economic engagement between the two countries. In May, Madbouly publicly welcomed an anticipated visit by the Chinese president and praised Beijing's support for Egypt in international forums. That same month, President Abdel-Fattah El-Sisi visited Beijing, where he met with Chinese President Xi Jinping. The two leaders reaffirmed a five-year framework for cooperation and marked the 10th anniversary of elevating their relationship to a comprehensive strategic partnership. During the meeting, both sides agreed to prioritize technology transfer and industrial investment as part of broader economic collaboration. Egypt and China have a long history of diplomatic relations. Egypt was the first Arab and African nation to establish diplomatic relations with China in 1956. Economic ties China and Egypt have strengthened economic ties in recent years, with Cairo seeking a larger share of Chinese investment in Africa. In May, Madbouly expressed hope that Egypt would benefit from the $52 billion in African investment announced at the China-Africa Cooperation Forum. Chinese companies are involved in several large-scale projects in Egypt, including infrastructure development, port expansion, and the development of the electric railway system. The Central Business District in the New Administrative Capital is also being developed with Chinese involvement. According to Egypt's Central Agency for Public Mobilization and Statistics (CAPMAS), trade between the two countries reached a peak of $16.6 billion in 2022. In Q4 2024, China was Egypt's largest trading partner, with bilateral trade reaching $4.31 billion, surpassing the United States at $2 billion, according to the Cabinet's Information and Decision Support Center (IDSC). The General Authority for Investment and Free Zones (GAFI) reports that 2,800 Chinese companies operate in Egypt, with total investments exceeding $8 billion. These include firms such as OPPO, Huawei, Midea, and Haier. GAFI is working to attract additional Chinese investment in sectors such as automotive manufacturing, textiles, electronics, renewable energy, and artificial intelligence, per the authority's CEO, Hossam Heiba. Plans are underway to establish a Chinese textile zone in Minya Governorate, in collaboration with the China National Textile and Apparel Council, under the export-supportive free zone system. Three Chinese companies — Haier, Midea, and Shen Feng — have been granted the golden license, consolidating all approvals required to establish and operate their businesses. In May, GAC Automotive announced a $300 million investment to build a car manufacturing plant in the country. Trade between Egypt and China rose from $11.9 billion in January 2022 to $15.7 billion by January 2024. Egypt is also a participant in China's Belt and Road Initiative, through which it is seeking to upgrade infrastructure in energy, transport, and communications. Military ties Military cooperation between Egypt and China has also expanded. In April, the two countries held their first joint air force drills—Eagles of Civilisation 2025—at the Wadi Abu Rish Air Base near the Gulf of Suez. According to Egypt's Ministry of Defence, the exercise included joint air sorties, combat simulations, and training on air operations planning. China's Ministry of National Defence described the drill as a milestone in military cooperation between the two countries. Follow us on: Facebook Instagram Whatsapp Short link:
