Dr. Mohammed Omran – FRA’s Chairman witnessed the signing of a cooperation protocol between FRA and the General Authority for Investment and Free Zones (GAFI) on electronic exchange of data and information to set up accounting system for foreign direct investments in Egypt. The Protocol was signed in the presence of Dr. Sahar Nasr, Minister of Investment and International Cooperation and Ahmed Said Khalil Chairman of the Board of Trustees of the Money Laundering and Terrorist Financing Combating Unit (MLCU).
Counselor Mohammed Abdel Wahab, Acting Chief Executive Officer of GAFI and Judge Khaled El-Nashar, FRA’s Deputy Chairman signed the protocol of cooperation.
This protocol comes within the framework of fruitful and constructive cooperation between FRA and GAFI to improve the investment climate and environment in Egypt and support investment policies. Also, the protocol aims at providing information and data on foreign investments in Egypt, collecting all items related to foreign investment in Egypt, and applying all the decisions issued in respect.
Dr. Sahar Nasr asserts that the protocol activates the recent amendments to the investment law, which stipulated the addition of item 14 to article 74 which mandates the collections of data on FDI accounting and assets from public and private entities for statistical purposes in accordance with international standards. In this regard, GAFI shall prepare forms and questionnaires to complete these information and data and apply it in all means, including electronic means.
Dr. Omran reveals that the protocol signed between the two Authorities targets foreign direct investment in light of the economic reforms in Egypt and stories of success achieved in this field. He points out that figures of foreign direct investment (FDI) needed to be reviewed. Also, he stressed on the importance of linking databases and adding equipment that enter Egypt and is not mentioned in the volume of foreign direct investment (FDI).
Dr. Omran emphasizes that the data of companies subjected to FRA’s supervision will be sent to the General Authority for Investment and Free Zones (GAFI). Also, He points to the cooperation and integration between the two bodies in adopting the minutes of the general assemblies and coordinating the decisions in order to provide better service to the investor. That is in addition to the coordination between the two Authorities and the Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU) in combating money laundering. On the other hand, Dr. Omran praises the efforts of Counselor Ahmed Said Khalil in combating money laundering and terrorist financing.
FRA’s Chairman added that the Competitiveness Report has shown notable progress in Egypt’s economy and anticipated an improvement in Egypt’s ranking in next year’s report.
Counselor Mohammed Abdel Wahab, Acting Chief Executive Officer of GAFI emphasized that a committee was formed from the two Authorities including specialists in the fields of data, statistics and information technology. He added that the said committee will identify the data, information and documents necessary to form an integrated and updated database. Besides, promoting transition to electronic systems upon providing any service, exchanging of data, information and regulatory reports. Also, the committee shall take necessary actions related to activities of money laundering and terrorist financing in coordination with the Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU).
Judge Khaled El-Nashar, FRA’s Deputy Chairman also noted that this protocol comes within the framework of the integration between state institutions and agencies to combat money laundering.