GAFI's CEO highlights Egypt's green investments at Energy Law Group Global Forum
Arab Finance: Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), has participated in the Energy Law Group Global Forum, according to a statement.
Organized by Zaki Hashem & Partners Law Firm, the event showcased Egypt's experience in stimulating green investments.
Energy Law Group includes 34 legal consulting firms operating in more than 50 countries.
Heiba stated that Egypt seeks to boost reliance on renewable energy sources by issuing a law providing incentives for green hydrogen production projects and establishing the National Council for Green Hydrogen.
Egypt also granted golden licenses to several green hydrogen and ammonia projects to accelerate the construction processes to deliver the required services and final products.
Heiba pointed out that the state's success in the renewable energy sector promotes investment in other sectors, as new investments cannot be received without securing their own energy needs.
Therefore, the Ministry of Investment and Foreign Trade prioritizes localizing renewable energy-related industries in line with its "Investment for Export" plan.
The government seeks to meet domestic manufacturing energy demands and export the surplus to industrial partners in the Middle East and Europe, according to Heiba.
GAFI's CEO elaborated on how the availability of energy contributed to attracting investments to key development areas, such as Minya, Aswan, and the Red Sea.
He added that the authority managed to attract Japanese investments to manufacture wiring harnesses for automotives in Fayoum.
The authority also seeks to attract textile industries in Minya, making the two governorates among the fastest-growing regions in terms of the value of new investments in labor-intensive activities.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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