A photo showing Hossam Heiba, CEO of Egypt s General Authority for Investment and Free Zones (GAFI) during the Egyptian Lebanese Businessmen Friendship Association (ELBA). Al-Ahram
The country ranked first in Africa and second in the Middle East – following the UAE – in terms of the value of incoming FDI in the same period, Heiba said at a meeting with members of the Egyptian Lebanese Businessmen Friendship Association.
Egypt attracted $8.9 billion in FDI in the FY2021/22, recording an increase of 71.4 percent compared to the previous year, according to the Egyptian Central Agency for Public Mobilization and Statistics (CAMPAS).
Egypt, Heiba added, is among the most attractive markets for investors in North Africa and also serves as a regional centre for supply chains to the African markets.
GAFI allocated around 4.5 million square meters of land as industrial zones in the last six months for several countries after they showed interest in investing in Egypt, Heiba noted.
GAFI also targets reducing the time required for releasing goods from ports to 14 days instead of 147 days to help provide essential commodities and cut soaring prices; he pointed out.
The government is stressing ahead with efforts to attract more foreign investments, introducing stimulating measures to simplify the procedures of companies' establishment.
Egypt also ranked first in North Africa for (FDI) inflows in 2022, receiving $11.4 billion, reported the United Nations Conference on Trade and Development (UNCTAD).
In May, Egypt came in the 14th place among the world's top attractive and trusted emerging markets for foreign investment, according to a report by American global management consulting firm Kearney.