CAIRO – 20 March 2023: Egypt's Chairman of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba and CEO of Enterprise Georgia – the country's investment promotion agency - Mikhael Kidorele signed an MoU to boost investment between the two states.
The signing took place on the sidelines of the Egyptian-Georgian Business Forum's meeting, where he GAFI chairman showcased that partnerships between Egypt and Georgia would be very viable.
That is because the former is part of trade agreements with markets having a total of 1.3 billion consumers, while Georgia has trade deals with countries that are home to 2.3 billion.
Heiba equally displayed Egypt's tax incentives, and investment opportunities in the sectors of manufacturing, logistics, and green business, expressing hope that Georgia would leverage its experience in renewable energy and recycling in projects in Egypt.
It is noted that renewables compose 75 percent of Georgia's energy mix. Further, the country achieved an economic growth that exceeded 10 percent in the past few years. That is why it is expected to accomplish the highest economic growth in Europe and Balkans in the coming five years.
In that context, Deputy Chairman of the Suez Canal Economic Zone (SCzone) Ibrahim Mostafa presented investment opportunities in its venues, stressing that its infrastructure is well equipped for establishing renewable energy and green business enterprises and exporting the output through its ports.
On his side, Minister of Economy and Sustainable Development Levan Davitashvili said that the MoU will build upon the political closeness between the two countries. He added that there must be new pathways of economic collaboration in the aftermath of COVID-19 pandemic and in light of the Russia-Ukraine War, asserting that Georgia considers Egypt the trade gateway to Africa.