Global Arab Network | Egyptian Authority for Investment and Free Zones Seeks to Achieve 8% Growth

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Egyptian Authority for Investment and Free Zones Seeks to Achieve 8% Growth

Sunday, 16 January 2011 18:40

Eying an annual economic growth rate of eight percent, the Egyptian Authority for Investment and Free Zones (GAFI) will be working over the coming five years to lure more foreign and Egyptian investments, Global Arab Network reports according to GAFI Chairman Osama Saleh.

It is a top GAFI priority, Saleh told a meeting with members of the investment association in the 10th of Ramadan City Wednesday night.

GAFI is acting upon directives by President Hosni Mubarak to boost economic growth with the aim to increase production, create more jobs for youths and improve living conditions of Egyptians.

He said that the authority has set up an ambitious plan for 2011 that caters to the needs of investors in the first place.

GAFI will be targeting 11 sectors that best attract investments, Saleh said, adding that this is meant to maintain Egypt 's competitive position.

This will be done through what Saleh called the "decentralized presence" at investment sites. GAFI offices will be opened in all industrial zones, including in the 10th of Ramadan City, he noted. (GAN, SIS)

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