CAIRO – 01 July 2024: The Egyptian government is looking to attract significantly more foreign direct investment (FDI) in the coming year, targeting a growth rate of 10-15 percent compared to the fiscal year that just ended on June 30, 2024.
Hossam Heiba, CEO of the Egyptian General Authority for Investment and Free Zones (GAFI), announced the ambitious target, stating that FDI reached $6 billion in the first half of the previous fiscal year. He added that a recent deal in Ras El-Hekma is expected to further increase the final figure for 2023-2024.
Egypt has identified and presented 153 investment opportunities valued between $1.5 billion and $2 billion to European private investors. These opportunities span various sectors including logistics, healthcare, irrigation, water desalination, manufacturing, education, and waste management.
Heiba also emphasized efforts to strengthen ties with the European Union (EU) through the Egypt-EU Investment Conference. The goal is to develop a "strategic partnership" that involves increased investment between both sides.
Heiba outlined a series of reforms and incentives aimed at improving the investment climate in Egypt. These initiatives are designed to make the country a more attractive destination for foreign investors, particularly those from the EU. The reforms focus on creating a flexible and efficient business environment that caters to the needs of both local and international investors.
Heiba pointed to promising opportunities for European companies in sectors like renewable energy, textiles, IT, automobiles, pharmaceuticals, and food production highlighting Egypt's strategic location, young workforce, and advanced infrastructure. The implemented reforms, he believes, will solidify Egypt's position as a regional investment hub and open new avenues for economic cooperation between Egypt and the EU. This cooperation is expected to benefit both parties, especially in light of the evolving strategic partnership between Egypt and the European Union.
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