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Egypt works to increase foreign investment

Cairo, Mar 16 (Prensa Latina) The Egyptian Minister of Economy, Mohamed Maait, assured that the country expects to receive 10 billion dollars in Foreign Direct Investment (FDI) in the current fiscal year, which represents 1.4 million dollars more than the total of the previous period.

According to a statement from the ministry, the country hopes to overcome the barrier of 100 billion dollars for exports in mid-term. The information was disclosed during a meeting between the functionary and a delegation of Saudi investors

Maait detailed the initiatives applied to encourage the entry of FDI such as the granting of “golden licenses” to new projects in order to speed up their development.

“Egypt is a key center for production and export to Europe and Africa because we have a developed infrastructure capable of meeting the needs of productive activities, as well as many tax and customs incentives,” he said.

On the other hand, Planning and Economic Development Minister, Hala El-Said, announced this week, that Egypt’s exports grew 12.4 percent in the first quarter of the current fiscal year, while net FDI inflows rose 94 percent.


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