Foreign direct investments (FDI) may exceed $10 billion in Egypt within 2017, Egypt’s Minister of Investment and International Cooperation Sahar Nasr told Bloomberg on Thursday.
Nasr further added that that the country had been in talks with a number of investors from Saudi Arabia, Singapore, China, and the UAE, noting that these countries had shown interest to invest in Egypt.
“With the devaluation, the cost of labour, blue or white collar, is lower than elsewhere,” Nasr noted.
The new investment law will bolster Egypt to attract FDI and will abolish the governmental routine, she stated, referring that the new law represents a significant signal from the highest political level that Egypt is open for business.
The minister does not expect the rise in interest rates to interrupt the work process, Nasr added, mentioning that FDI net inflows in Egypt rose 12 percent to $6.6 billion during the period from July 2016 to March 2017 of the financial year 2016/2017.
Minister of Planning Hala Al-Saeed had earlier forecast that FDI in Egypt would range between $8 billion and $8.5 billion during the financial year 2016/2017.