Egypt seeks to draw in over $2bln FDI from EU in 2024

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Egypt is planning to attract foreign direct investment (FDI) of over $2 billion from the European Union (EU) countries for new industrial projects this year, a government official told Al Arabiya Business.

The North African country is looking forward to intensifying ties with major European firms and institutions over the coming period, aiming to boost trade and lure further European investments, especially in the industrial sector, the official said.

This will also facilitate the organization of trade missions and participation in exhibitions in European capitals, allowing the Egyptian exports to access European markets, he added.

Additionally, the official highlighted that Egypt is targeting to increase its exports to the EU countries by 10% by the end of 2024 to hit €12.5 billion, up from €11.5 billion.

He also added that trade with the EU accounts for 27% of Egypt’s total foreign trade, with the EU investments in the country contributing around 32% to total FDI in the country.

In 2023, trade exchange between Egypt and the EU countries stood at €32.6 billion, the official mentioned.