Promoting Sustainable Development is Egypt & (GAFI)'s Top Priority
Egypt is deeply committed to updating the Egypt Vision 2030 and encouraging sustainable development. In light of the political, economic, social, and environmental changes Egypt is going through, the government is formulating a national agenda for sustainable development that allows for adaptation to various updates. This agenda includes considerations such as focusing on the knowledge-based economy, promoting innovation and industrial deepening, and addressing several developmental issues, including women and youth empowerment, small and medium-sized enterprise development, and encouraging entrepreneurship.
(GAFI) Launches a Conference to Introduce Investment Incentives and Promote Sustainable Development
The General Authority for Investment and Free Zones (GAFI) organized a conference to introduce the business community to investment incentives and the measures taken by (GAFI) to simplify the procedures, conditions, and mechanisms for applying for the Sustainable Development Excellence Award 2024.
Based on its role in encouraging sustainable development and corporate social responsibility and putting Article (15) – relevant to investor social responsibility – of Investment Law into effect, (GAFI) allows the investor to apply for the competition through its website, provided that the due date for accepting the documents of companies wishing to participate is January 31, 2024.
Who Attended this Conference?
The conference, (GAFI) organized, was attended by representatives of the Egyptian Federation of Industries, development partners from international institutions, civil society, and government agencies related to the investment field and corporate social responsibility.
Details about this Conference
The conference introduced the business community to the competition procedures, the method of submission, and the selection criteria. In addition to reviewing the latest legislative and procedural developments in the investment environment, especially investment law incentives, general, special, or additional Incentives, and the mechanisms for implementing incentives, sectorally and geographically.
With regard to simplifying procedures and encouraging sustainable development, (GAFI) efforts were reviewed, where an electronic platform for the Golden License (Comprehensive Approval) has been launched. (GAFI) also reduced the number of documents required from companies seeking the services of forming the project progress committees and the committees determining the business start.
The Private Sector’s Role in Achieving Development Goals
Dr. Dalia Al-Hawari, (GAFI) CEO Deputy, said that Egypt’s strategy for sustainable development, Egypt Vision 2030, considers the private sector a vital partner in achieving Egypt’s development goals. Likewise, companies’ fulfillment of their development role has a positive impact on their growth, in addition to their obtaining the incentives stipulated in the Investment Law. For such purpose, GAFI has a Central Department for corporate social responsibility and sustainable development in its administrative structure, which is mainly assigned to continuously communicate with companies to assess their contribution to community development and motivate them to resume and increase such development roles.
(GAFI) Encourages Companies towards Sustainable Development
Dr. El-Hawary stated that (GAFI) would honor the ten most distinguished companies in social responsibility and sustainable development in 2024. It will provide these companies with incentives to continue in such roles, including assigning a focal point in GAFI ISC to meet the winning companies’ needs and promptly and effectively complete their procedures. In addition to promoting the company, either through publishing its news on GAFI’s website or sharing its experience as a success story on Egypt’s Investment Map.
She noted that the committee in charge of selecting the most distinguished companies is interested in the experiences of companies of various sizes and capitals, starting with sole proprietorships and startups and ending with companies overseas. The most important thing is contributing to the multiple fields of societal responsibility, which are achieving Egypt’s development goals, such as environmental protection, technical education, and scientific research.
Now you know everything about the conference organized by (GAFI) to introduce investment incentives and promote sustainable development. To learn more about this conference, click here.
AHG Chartered Accountants Implements Financial Sustainability
In the dynamic world of modern business, it is essential for organizations in all sectors to strive for financial sustainability. This term refers to a company’s ability to generate satisfactory revenue and effectively manage its resources to meet current and future financial requirements. While it may seem challenging, companies can use accounting methods to streamline operations, enhance financial decision-making, and ultimately promote sustainable growth.
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