Egypt aims for over $20 billion FDI annually, more than $140 billion in exports

CAIRO – 25 September 2024: Prime Minister Mostafa Madbouly underlined Egypt's ambitious targets to attract foreign direct investments (FDI) exceeding $20 billion annually and escalate exports to over $140 billion by 2030.

"This is an achievable dream," Madbouly remarked during a press conference on Wednesday.

Key investment insights:

As part of the FDI drive, investments in the project of leading Chinese global home appliances manufacturer Haier are set to surpass $500 million upon the completion of its three phases, Madbouly said.

This initiative is expected to create thousands of job opportunities for the youth in Egypt, Madbouly emphasized.

The prime minister also addressed recent national achievements and pivotal developments across various sectors, including energy, education, healthcare, and investments, while articulating Egypt's stance on regional matters.

Madbouly said he discussed integrated plans with officials from Japanese companies operating in renewable energy and water management to expand their investments in Egypt during the coming period.

 

Highlights of Madbouly's key statements:

Addressing drug shortages:

Madbouly assured that the ongoing drug shortage crisis will be resolved in the coming weeks.

He directed efforts towards collaborating with Egyptian medical and pharmacist syndicates to base prescriptions on active pharmaceutical ingredients rather than brand names.

Water system assurance:

Notably, Madbouly confirmed the segregation of the sewage network from the drinking water system.

He highlighted the successful integration of 65% of villages into the sewage station network, a significant increase from 10% in 2014.

Public service commitment:

Amid global challenges, Madbouly underscored the government's dedication to maintaining essential services for citizens during these trying times.

Education advancements:

The premier revealed the addition of dozens of new classrooms to the educational system and hinted at further expansions in kindergarten facilities.

Efforts to reduce student densities in classrooms are underway, with an average class size of fewer than 50 students, except for specific targeted schools in certain areas.

Moreover, Madbouly celebrated the presence of 46 Egyptian universities on the University Impact Rankings for 2024, highlighting their commitment to sustainable development goals and global academic excellence.

Regional stance:

Expressing concern over the current escalatation in Lebanon, Madbouly condemned the targeting of civilians and reiterated Egypt's rejection of these acts.

The government is closely monitoring regional developments and adamantly opposes any further escalation, stressing the need for responsible actions to ensure regional peace and security.

Invitation to stakeholders:

In a bid to foster dialogue and collaboration, the premier extended invitations to senior writers, professional syndicate leaders, economic figures, and select social media influencers to join his weekly meetings alongside journalists and media professionals, starting from the upcoming week.