Partnership between Egypt’s General Authority for Investment and Free Zones & the Largest IP Protection Firm Globally
Mr. Hossam Heiba: Egyptian economy will witness a real boom, if the procedures and the marketing of Egyptian trademarks' intellectual property protection are improved
Egypt’s General Authority for Investment and Free Zones (GAFI) and Talal Abu-Ghazaleh Global (TAG.Global) have signed a Memorandum of Understanding (MoU) to cooperate: on developing the required mechanism for the establishment of a regional bureaus in Egypt and on promoting investment by improving the investment climate in accordance with international best practices and experiences. The framework may necessitate amendments of the existing laws, enactment of new laws, adjustment of existing regulations and procedures, and participation in the implementation of Egypt's digital transformation strategy.
The partnership with TAG.Global is based on the fact that it is the largest group of professional services operating in more than 50 countries in the fields of accounting and intellectual property (IP) protection.
Commenting on the agreement, Mr. Hossam Heiba, GAFI CEO, stated that intellectual property protection is necessary for investments that target the financial and business hubs established in the country; especially the business park at the New Administrative Capital – where Egypt seeks to become the most important regional headquarters for branches of global companies.
Mr. Heiba added that the Egyptian economy will witness a real boom, if the procedures and the marketing of Egyptian trademarks' intellectual property protection are improved, starting from handicrafts and heritage industries to heavy industries.
The MoU stipulates the establishment of an efficient and effective regulatory framework to promote investments; where GAFI will provide TAG.Global will the Egyptian laws, regulations, and legislations, in addition to a list of investment opportunities available in the Egyptian national economy. This aims to achieve a full partnership between the two parties in order to stimulate investment and improve the investment climate and business environment.
In this regard, HE Dr. Talal Abu-Ghazaleh, founder and chairman of TAG.Global, stated that the Company’s headquarters will be established in the New Administrative Capital in preparation for providing its services to companies operating in the ‘largest national project’ in the Egyptian economy, stressing that Egypt is qualified to attract foreign investments from the most important global brands.
Mr. Heiba also gave a presentation on the most important developments of investment in Egypt, including, the establishment of a specialized unit to grant a ‘Golden License’ to investors, which enables them to obtain approval for their projects within a maximum of 20 days, without the need for any other permits or licenses. He further introduced the mechanisms for investment via Egypt’s online Investment Map, which will be updated during the coming period in cooperation with representatives from the private sector.
At the end of the signing ceremony, Mr. Heiba accompanied Dr. Abu-Ghazaleh on a field tour of the Investor Services Center, which includes representatives of 65 entities associated with the investment process; where the investor can complete all the procedures in one place.