Egypt’s Investments in the Eyes of South African Companies

The Egyptian experience in reforming the financial sector was reviewed when Minister of Investment, Mahmoud Mohieldin met with the South African Chairman of the Financial Supervisory Authority.

The meeting was attended by vice-chairmen of authorities concerned with insurance, capital markets, financial sectors and private pension and insurance funds. The meeting reviewed the South African experience in standardizing financial supervision, which dates back to 1992. Mechanisms to increase market efficiency were also discussed.

Mohieldin presented recent developments, which took place in the Egyptian financial sector. A new supervision on non-bank financial markets and instruments law was adopted, according to which the General Authority for Financial Supervision (GAFS) was established. The GAFS is mandated to ensure market discipline, provide and publish information, achieve transparency in delivery of non-bank financial services and protect market players' rights.

The meeting, also, addressed exchange of experiences between the two countries. Development of financial markets and insurance services, increasing financial institutions' capability of mobilizing savings and increasing investments directed to development projects, channeling finance to SMEs and supporting competition among financial institutions were among the discussed topics.

Mohieldin held a meeting with representatives of 24 companies of manufacturing industries, renewable energy, infrastructure development, distribution, and retail and information systems of financial services. The meeting was organized by the South African Chamber of Commerce and Industry in coordination with the Egyptian Embassy.

Mohieldin highlighted the importance of improving economic and investment relations between Egypt and South Africa. The minister invited companies' representatives to explore investment opportunities in Egypt, where the General Authority for Investment and Free Zones will arrange several meetings for this purpose.

Mohieldin conducted another meeting with the Commodity Council, where he reviewed economic developments and investment opportunities in the logistic services.

Investment minister had another meeting with Alexander Forbes Financial Services, whose total investments are estimated by USD 20 million. Representatives of Forbes said they are interested in the Egyptian market and in keeping abreast to the legislative and regulatory environment of the insurance sectors, portfolio management and SMEs finance in Egypt.