The General Authority for Investment (GAFI) has started taking new procedures to help attract more foreign and local investments in Egypt's 10th of Ramadan industrial city through the establishment of one-stop shop (OSS) for investments' permits, a statement by the Ministry of Investment said yesterday.
The OSS opened its new bureau in 10th of Ramadan city, which is affiliated to Al Sharqiya governorate, after the city became an attractive area for investments.
About 3,390 companies were established in Al Sharqiya governorate in the period from 2002 to 2013, compared to the 1,650 that were established in the period from 1977 to 2002, according to GAFI's statistics.
The increase in the recent period, estimated at 141 per cent, is double the previous amoung, the same statistics said.
Meanwhile, according to the International Monetary Fund (IMF)'s short-term outlook, the unsettled political situation will continue to weigh on the pace of economic recovery and the already significant fiscal and external imbalances are at risk of deteriorating further.
It is also noted that industry sector tops investments (85.5 per cent) in the 10th of Ramadan city, followed by services (28 %), agriculture (7%), real estate (3), IT (2%), tourism (0.5%), and finance (0.4%) sectors.
Growth across the North African country could begin to recover in FY 2013/14 provided the political situation stabilises and the authorities implement corrective policies that succeed in restoring confidence and investment, according to IMF.