Ministry of Commerce and Industry Calls on Foreign-Invested Companies to Comply with Submitting Foreign Direct Investment Data to the Authority
Cairo — Nadeh Imam As part of the Ministry of Investment and Foreign Trade’s efforts to build a verified database that contributes to improving the efficiency of economic indicators, particularly those related to foreign direct investment (FDI), the ministry has required all companies and establishments with foreign participation to comply with the General Authority for Investment and Free Zones (GAFI) regarding FDI, in accordance with the provisions of Investment Law No. 72 of 2017 and its executive regulations.
The ministry has also required all companies to submit their financial statements to GAFI within four months from the end of the fiscal year, in accordance with the provisions of the executive regulations.
It was confirmed that Article 126 bis (a) of the executive regulations of the Investment Law obligates companies and establishments to provide GAFI with FDI data within a period not exceeding 45 days from the end of each quarter.
Dr. Mohamed Fared, Minister of Investment and Foreign Trade, stated that the ministry is working to build a comprehensive and accurate investment database that reflects the actual reality of investments in Egypt, thereby supporting decision-making, enhancing economic planning efficiency, and strengthening the confidence of investors and international financing institutions in the Egyptian economy.
The minister added that compliance with submitting data within the legally stipulated deadlines represents a genuine partnership between the state and the business community, contributing to the development of the investment environment, enhancing transparency, and improving the efficiency of services provided to investors. This supports the competitiveness of the Egyptian economy and enhances the state’s capacity to attract more local and foreign investments.
He clarified that the data submitted to GAFI constitutes one of the fundamental pillars for preparing official statistics on foreign direct investment, measuring the impact of economic reforms, and evaluating investment policies, in line with best international practices and standards.
For his part, Dr. Mohamed Awad, CEO of GAFI, said that in accordance with the ministry’s strategy, the authority is working to develop the system for collecting and verifying FDI data, ensuring the accuracy of indicators and their timely availability, in accordance with international best practices and accepted statistical standards.
He noted that GAFI is keen to provide all forms of technical support to companies and establishments to fulfill the required data, emphasizing that cooperation between the authority and the business community is a fundamental element in building a reliable investment database that supports the state’s efforts to improve the investment climate and enhance the competitiveness of the Egyptian economy.
The Ministry of Investment and Foreign Trade appealed to all companies and establishments to comply with submitting the required data and reports within the legally stipulated deadlines, and to cooperate with GAFI in completing the required forms and data. This cooperation contributes to enhancing the quality of investment indicators and supporting the state’s efforts to develop the business climate and consolidate Egypt’s position as an attractive investment destination in line with international best practices.
