Arab Finance: Egypt is planning to lure foreign direct investments (FDIs) of $25 billion within five years, Chairman of the General Authority of Free Zones and Investment (GAFI) Hossam Heiba said in an interview with Asharq Business.

Heiba also expects the country to attract around $12 billion in FDIs within the fiscal year (FY) of 2023/2024, to mark an annual increase ranging between 15% and 20%.

The country is currently focusing on promoting green and renewable energy projects as nine framework agreements in these fields have been signed since COP27, with $50 billion in investments over 10 years. , Heiba noted.

He also highlighted Egypt is keeping an eye on the automotive industry by attracting major manufacturers, with the aim of turning into a regional hub.

Additionally, the country is working on attracting investments into the home appliances business, Heiba pointed out, adding that Egypt has granted five Golden Licenses out of 26 so far to companies of this industry.

He said that a new group of companies would be granted golden licenses after October 26th.

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