Egypt's Tech and Investment Leaders Join Forces to Update Rules, Support Growing Tech Companies

Following directives from Dr. Mohamed Farid Saleh, Egypt's Minister of Investment and International Cooperation, to boost the investment climate, support high value-added sectors, and remove obstacles for investors, Dr. Mohamed Awad, CEO of the General Authority for Investment and Free Zones (GAFI), held a meeting with Ahmed El Zaher, CEO of the Information Technology Industry Development Agency (ITIDA). The meeting was also attended by Yasser Abbas, Deputy CEO of GAFI, Dr. Walid Abdel Moneim, Deputy Head of the State Council and Legal Advisor to ITIDA, and Eng. Amr Abbas, representing the National Telecommunication Regulatory Authority. The discussion focused on ways to enhance cooperation and coordination among relevant bodies to support companies in the information and communication technology (ICT) sector. They also worked on addressing any challenges investors might face, aiming to create a more competitive and attractive business environment for both local and foreign investments. Dr. Mohamed Awad warmly welcomed the collaboration between GAFI and ITIDA, emphasizing the importance of continuous coordination among all parties to overcome challenges faced by companies in the sector. This, he noted, would improve the business environment and boost investor confidence. He explained that GAFI is committed to keeping pace with new economic and technological activities, legalizing their status, and providing supportive regulatory frameworks for their growth. This approach helps companies expand and attract more local and foreign investments, enhancing the competitiveness of the Egyptian economy and supporting the state's efforts in digital transformation and building a knowledge-based economy. For his part, Ahmed El Zaher stressed the importance of continuously developing legislation and regulations governing the information technology sector to keep up with its rapid global advancements. He also highlighted the need to remove any obstacles faced by companies operating in this field. He added that exploring the addition of new specializations and activities that align with modern technological changes and emerging business models is a crucial step to support the sector's growth, increase its ability to attract investments, and enhance its contribution to the national economy. At the end of the meeting, both parties agreed to continue their joint coordination and consultation to monitor and address challenges faced by companies in the information technology sector. This ongoing effort aims to support the state's initiatives in promoting investment, digital transformation, and achieving sustainable economic development.