The Government of Egypt would like to increase the level of FDI into the country even further. The principal government body promoting, regulating and facilitating investment in Egypt is the General Authority for Investment and Free Zones (GAFI), which is an affiliate of the Ministry of Investment.
Efforts to attract foreign investment usually begin with the liberalization of FDI policies, including reduction of barriers to FDI, a strengthening of the standards of treatment for foreign investors, and improvements to the functioning of the market. Now that most countries have taken steps in this direction, targeted investment promotion has become critical in attracting FDI and a new generation of investment promotion is evolving with a focus on quality and sustainable investment.
Investment promotion includes the marketing of countries and locations, investment generation, investment services, and policy advocacy. The diplomatic corps can play an important role in all of these functions. For this reason, many countries have chosen to involve overseas representations in investment promotion activities.
The Egyptian diplomatic corps, with its global network and status, is in a good position to liaise with overseas investors. For diplomats, promoting inward FDI may at first seem a complex activity, shrouded in jargon and distant from their traditional job overseas. However, it is not only by virtue of their location that diplomats are often a vital part of the investment promotion network. Diplomacy and FDI promotion are both exercises in relationship management, and diplomats are judged by their contact-making skills. They are expected to maintain strong networks of contacts, often including key business figures. Among these there may be investors already established in Egypt.
UNCTAD’s workshop on investment promotion for Egyptian diplomats will provide an overview of FDI trends, national and international investment policies, strategies and techniques on promoting and facilitating FDI for sustainable development; and offer guidance on how to jump-start investment promotion as a diplomat.
