CAIRO – 14 July 2024: According to data from the United Nations Conference on Trade and Development (UNCTAD), Egypt attracted significant foreign direct investment (FDI) in 2023.
The FDI in Egypt accounted for 18.6% of Africa’s total investments, reaching $52.6 billion.
The report by UNCTAD highlighted the Suez Canal Economic Zone (SCZone) in Egypt, which secured agreements for green ammonia and green hydrogen projects with a combined value of $10.8 billion.
Additionally, new deals worth $4 billion were made for the production of green hydrogen in Egypt.
Egypt has become an appealing investment destination in Africa, attracting multinational companies in sectors such as automotive, pharmaceuticals, and electronics.
The report also revealed a positive trend in investment flows to Egypt since 2014. In 2023, Egypt received $9.8 billion in FDI, compared to $9 billion in 2019 and $4.6 billion in 2014.
In terms of global ranking for attracting foreign direct investment, Egypt climbed from 45th place in 2014 to 32nd place in 2023. The rankings for the intervening years were as follows: 34th in 2022, 50th in 2021, 35th in 2020, 38th in 2019, 35th in 2018, 38th in 2017, 41st in 2016, and 37th in 2015.
Egypt is among the countries that received foreign direct investment flows ranging from $6 to $10 billion.
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