Foreign investments to increase by 40% in Egypt annually: minister

Egypt’s Minister of Investment and International Cooperation Sahar Nasr, predicted that the average foreign direct investment flowing into Egypt will increase by 40 percent per year.

“The president of Sisi gave great importance to attracting investments to the country and improving the business environment,” Nasr said in a statement on Friday, in the occasion of 30 June revolution anniversary.

Nasr added that as a result for the efforts to improve the investment climate and the business environment, Five contracts were signed with international companies in the tourism sector, and new investments were made in areas such as new and renewable energy and transport, as well as explorations in the petroleum sector.

The statement said that there is also improving of Egypt’s rating in the Business Environment Report of the World Bank and the International Finance Corporation, also improvement in governance indicators in the World Economic Forum’s Competitiveness Report.

“Investments increased significantly in a small period from LE290 billion in 2014 and are expected to reach LE482 billion in 2017, with an average annual increase of 22 percent. Foreign direct investment increased from $4 billion in 2014, and expected to reach $807 billion in 2017, with an average annual increase of 40 percent,” the statement said.

“We are continuing to take further measures to improve the investment climate and implement President Sisi’s directives to focus on the neediest areas by directing investments that will contribute to creating thousands of jobs and raising the standard of living of citizens as a specific focus for all efforts,” Nasr said. Source: Al masry al youm