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Capitalizing on the Protocol of Cooperation signed between the General Authority for Investment and Free Zones (GAFI) and the Egyptian Exchange (EGX) last month, the joint committee held its first meeting headed by Major General Yasser Abbas - Executive Vice President of GAFI and Ms. Heba El-Serafi - Vice Chairperson of EGX and Vice Chairperson of the Committee.
The meeting was the first step to implement the protocol aiming at fostering the cooperation between the two parties, in order to promote investment opportunities and to help creating a better business environment.
At the beginning of the meeting, Major General Yasser Abbas expressed the keenness of Mr. Hossam Haiba – President of GAFI, and Mr. Rami El-Dokany, Executive Chairman of EGX, to activate the committee’s role in solving the current problems of EGX’s listed companies, which will reflect positively on the investment climate in Egypt. He also emphasized that the committee will work according to a well-structured timetable to propose necessary recommendations needed to facilitate doing business and overcome any obstacles facing listed companies.
Ms. Heba El-Serafi stated that the committee would articulate an integrated strategy coupled with a step-by-step implementation plan with specific milestones to achieve its goals. The targets include encouraging companies to be listed on EGX, by raising the awareness of the advantages of listing as well as encouraging the investment in listed securities and indicating the expected benefits and returns on those investments.
Both parties agreed to exchange data and information needed to build an integrated and updated database. They also agreed to extend EGX services at GAFI’s investor service centers, and to coordinate to speed up the issuance of needed approvals for listed companies. They also agreed to cooperate in training activities, and in organizing awareness-raising activities regarding the advantages of listing on EGX.
