Egypt aims to attract FDI of $10bln annually in 4 years

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Egypt aims to attract foreign direct investments (FDI) of $10 billion annually over the coming four years, Minister of Finance Mohamed Maait stated in a press conference on August 29th.

The government also plans to exit from some of the economic activities to support the role of the private sector in industrial and exporting activities to boost its contribution to implemented investments to 65% and to create million job opportunities annually, Maait highlighted.

Egypt has sustainable energy resources, advanced infrastructure, and professional youth that represent the main factors to ensure economic stability, the minister remarked.

Moreover, the minister pointed out that Egypt’s petroleum exports reached $13 billion, with a surplus of $4 billion, during the period from July to March of fiscal year (FY) 2021/2022.

Meanwhile, the non-oil exports recorded an annual growth of 33%, reaching $19.4 billion, he added.

Remittances of Egyptians living abroad hit a new record in FY 2021/2022, registering $32.2 billion, he said.

The minister also mentioned that the Suez Canal achieved revenues of about $7 billion in FY 2021/2022.