CAIRO – Director of the Foreign Investment Promotion Department at the General Authority for Investment and Free Zones (GAFI) Ahmed Zohair confirmed that the “economic reform” programme that has recently been adopted by the government with the aim of attracting foreign investments has led to placing Egypt first in Africa and second in the Arab world in foreign direct investment (FDI) flows.
He added in his speech at the “Solar Energy and Direct Storage in Africa” conference that in the year 2023 the number of companies that were established reached 30,000, adding that some companies have even expanded their business, despite the hard currency crisis that had hit Egypt then, a thing which reflected their confidence in all measures adopted by the Egyptian government in this regard.
Zohair added that the signing of the “Ras El Hekma” deal led to restoring stability and balance in the Egyptian market.
He spoke about the overpopulation problem in the country, saying that the population in Egypt has now exceeded 105 million people and that the population growth rate reaches 2.5% annually, making Egypt the third most populous country in Africa.
The senior GAFI official pointed out that Egypt offers many investment incentives, as the government has tierlessly worked to reform the investment environment to be more attractive, adding that Egypt engaged in negotiations with a number of international institutions and concluded huge deals to maintain stability and achieve balance in its market.
He pointed out that the Egyptian market is distinguished by its large labor force.
Zohair said the Egyptian market is a highly promising market for all those seeking to implement investment projects, citing the great opportunities offered for investors in the New Administrative Capital.
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