Arab Finance: Egypt’s Ministry of Investment and Foreign Trade has called on companies and establishments with foreign ownership to submit their foreign direct investment (FDI) data to the General Authority for Investment and Free Zones (GAFI) within 45 days of the end of each quarter, as per a statement.

The ministry also urged all companies to provide GAFI with their financial statements within four months of the end of their fiscal year, in accordance with the executive regulations of the Investment Law.

Minister of Investment and Foreign Trade Mohamed Farid said that compliance with the reporting requirements would help establish a comprehensive database that reflects investment activity in Egypt, adding that accurate and timely information would support policymaking and economic planning while improving the calculation of economic indicators.

The data submitted to GAFI is also used to compile official FDI statistics, assess the effects of economic reforms, and evaluate investment policies in line with international statistical standards, Farid noted.

He added that cooperation between the government and the business community in meeting the legally prescribed deadlines would enhance transparency and improve the services provided to investors.

GAFI CEO Mohamed Awad said the authority is developing its system for collecting and verifying FDI data to ensure that indicators are accurate and available on time.

Awad added that GAFI would provide companies and establishments with the technical assistance needed to complete the required forms and meet their reporting obligations.