Egypt's investment obstacles are now history: Presidency spox

CAIRO – 25 October 2018: Ambassador Bassam Radi, presidency spokesman, said that the obstacles that Egypt faced concerning investment attraction are now history.

"There were problems in the past, especially in the [creation] of bank credits and the transfer of profits in foreign currency abroad, and now they [the problems] are part of the past," Radi stated.

He said that Egypt managed during the last few years to create a good investment climate through a favorable infrastructure to attract foreign investments such as the availability of energy and a 7,000-km road network.

Radi also pointed out to the availability of numerous ports and a new legislative environment for investment, in addition to a large number of bilateral agreements, stressing that Egypt is fully qualified to host all investment projects.

Concerning relations with the US, Radi stressed the importance of the Egyptian-American relations, pointing out that the strategic relations between the two countries are well-established at all levels.

Minister of Investment and International Cooperation Sahar Nasr affirmed earlier in October the government's keenness to boost trade and investment ties with African countries.

Nasr also asserted Egypt's support for development efforts in Africa in the technology, mechanization, infrastructure, entrepreneurship and youth empowerment fields.

The United Nations Trade and Development Board (UNCTAD) said in October that Egypt remained the first investment destination in Africa during the first half of 2018, as total foreign investment inflows hiked to 24 percent compared to the first half of 2017.