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EGYPT NAMED TOP INVESTMENT DESTINATION IN AFRICA BY UNCTAD REPORT




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July 15, 2024 at 8:45 am



Egyptian President Abdel Fattah el-Sisi gives a speech in Cairo, Egypt on June
30, 2024 [Egyptian Presidency/Anadolu Agency]

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The Egyptian Cabinet announced that Egypt has been ranked as the most attractive
investment destination in Africa for 2023 by the United Nations Conference on
Trade and Development (UNCTAD). This is the second time Egypt has held the top
spot.

According to a statement by the Media Centre of the Cabinet, Egypt attracted
investments worth $9.8 billion in 2023 despite consecutive global crises.

The statement, which details Egypt’s investment status based on UNCTAD’s Global
Investment Report published on 20 June 2024, highlights that Cairo accounted for
18.6 per cent of Africa’s total investments, which amounted to $52.6 billion in
2023.

Since 2014, Egypt has seen a positive trend in investment flows. In 2023, the
country received $9.8 billion in foreign direct investment (FDI) compared to $9
billion in 2019 and $4.6 billion in 2014.

The report also noted the emergence of Egypt as a key investment destination in
Africa for numerous multinational companies in sectors such as automotive,
pharmaceuticals, and electronics.

In 2023, Egypt established the Supreme Council for Investment, chaired by
President Abdel Fattah Al-Sisi, intending to boost investments and economic
growth. It aimed to enhance coordination and the effectiveness of promoting
investments. It also introduced tax exemptions and other financial incentives to
attract investors.

READ: ‘Smell of blood’ fills Gaza hospital after deadly Israeli strike: UN
agency

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