$46.1B Egypt's foreign direct investments in 2024: Investment Minister

CAIRO - 23 January 2025: In a TV interview with CNBC World on the sidelines of the 2025 Davos Forum, Minister of Investment and Foreign Trade, Hassan El-Khatib, revealed that Egypt's foreign direct investments (FDI) reached an impressive $46.1 billion in 2024, a significant leap from $10 billion in 2023.

This extraordinary increase was largely attributed to the $35 billion Ras El Hekma deal, which played a pivotal role in boosting the country’s investment landscape.

El-Khatib also detailed the National Industrial Development Strategy for 2027, emphasizing the government’s aim to achieve an industrial growth rate of 8 percent and increase the industry’s share of GDP to 20 percent.

Among the priority sectors highlighted were communications and information technology, demonstrating the government’s commitment to fostering innovation and advancing technological development.

On agriculture, El-Khatib shared the government’s plan to expand cultivated land by 20 percent, reaching a total of 12 million hectares of cultivated land and 20 million hectares of harvested area.

These initiatives are designed to strengthen food security, enhance agricultural exports, and bolster the sector’s contribution to the national economy.

Tourism remains another key focus of Egypt’s development agenda. The minister announced ambitious targets to attract 30 million tourists annually and increase tourism revenues to $30 billion by 2027.

This reflects the sector’s vital role in generating foreign currency, creating jobs, and supporting economic growth.

In addition, El-Khatib highlighted Egypt’s record-breaking non-oil exports, which reached $40.8 billion in 2024—an unprecedented achievement in the nation’s history. While celebrating this milestone, the minister stressed that it does not yet reflect Egypt’s full potential.

The government is actively working to enhance the competitiveness of Egyptian products in global markets and diversify export contributions to the economy.

These achievements and objectives showcase Egypt’s comprehensive vision for economic growth, prioritizing investment, industrial advancement, agricultural development, and international trade to position the country as a key player in the global economy.