Cairo, Oct. 1 (Prensa Latina) Foreign direct investment (FDI) in Egypt increased by 10 percent in the 2022-2023 fiscal year compared to the previous period, an official source revealed today.
The country ranks first in Africa and second in the Middle East in terms of foreign direct investment value, after the United Arab Emirates, Hossam Heiba, executive director of the General Authority for Investments and Free Zones, said at a meeting with members of the Friendship Association of Lebanese and Egyptian Businessmen.
According to the Egyptian Central Agency for Public Mobilization and Statistics (Capmas), the country collected $8.9 billion for this concept in the 2021-2022 fiscal year, a growth of 71.4 percent compared to the previous year.
Heiba explained that this country is among the most attractive markets for investors in North Africa and also acts as a regional hub for supply chains to the continent’s markets.
In August, Capmas announced that foreign direct investment in Egypt exceeded $66.7 billion over the last decade. In a statement, the organization said that the country received $4.2 billion for this concept in the 2013-2014 fiscal year, an increase of 11.3 percent compared to the previous period.
He emphasized that the highest value was reached in 2016-2017, when $7.9 billion was received.
Capmas highlighted that the amount exceeded $5.7 billion in the first half of the 2022-2023 fiscal year.
According to the agency, Saudi Arabia topped the list of major investors in the last period, followed by the United Arab Emirates, Italy, the United Kingdom and the United States.
The institution announced that more than 31,200 companies with foreign capital were registered in Egypt in the 2021-2022 fiscal year.
In July, the United Nations Conference on Trade and Development announced that this country attracted $11.4 billion in foreign direct investment in 2022, the highest among North African countries.
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