Cairo –  Egypt’s foreign direct investment (FDI) increased by 5% to $8.5 billion in 2019 when compared to 2018, the planning and economic development minister, Hala El Saeed, announced on Thursday.

The latest World Investment Report 2019 by the United Nations Conference on Trade and Development (UNCTAD) indicated that Egypt has maintained its position as the largest FDI recipient in Africa, El Saeed referred in a statement.

The Egyptian minister added that the report praised the country’s efforts in implementing the economic reforms package, which has helped increase investors’ confidence.

The UNCTAD’s report explained that Egypt’s FDI included the telecom, real estate development, and tourism sectors while being focused on the gas and oil sector, as Egypt’s new discoveries of gas reserves have attracted several multinational companies and enabled the country to become a net gas exporter in January 2019.

Source: Mubasher

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