Egypt has managed to attract net foreign direct investments (FDI) of $4.3bn during the first half of fiscal year (FY) 2016/2017 by the end of December, compared to $3.1bn during the same period in FY 2015/2016, said Sahar Nasr, Minister of Investment and International Cooperation.
Egypt plans to attract $15bn of FDIs in the new FY 2017/2018, according to a statement by the Minister of Finance, Amr El-Garhy, compared to EGP 8bn by the end of this FY.
On Saturday, Nasr has laid the foundation stone for the investment services branch in Qena in order to facilitate the procedures for investors in Qena and several governorates nearby. The new branch will serve 1,881 companies in Qena, Luxor, and Aswan, including 486 companies in Qena, 938 in Luxor, and 457 in Aswan.
Nasr noted that there are five branches working in the governorates of Alexandria, Assiut, Ismailia, 10th of Ramadan, Sharqeya, and Sohag, in order to facilitate procedures for investors. There are five offices affiliated to the General Authority for Investment (GAFI), and nine representative offices that provide investment services in several governorates.
Nasr said that establishing new branches for the investment services complex is underway. The branches will be located in Marsa Matrouh, Gamasa, Port Said, New Valley, Aswan, South Sinai, Minya, the Red Sea, and Qena. Some of these branches will be opened this year, while the rest will be opened throughout the next two years.
According to Nasr, Egypt ranked 29th in the foreign direct investment (FDI) index among 58 other countries. Egypt has also ranked 16th in the Global Services Index, ranked 25th in the market volume index among 135 countries, and ranked 49th in the Logistics Performance index.
As for economic indicators, the growth rate reached 4.3% in FY 2015/2016, compared to 4.4% during the same period last year. Total implemented investments reached EGP 392bn in FY 2015/2016 with a contribution of the private sector of 58%, an equivalent of EGP 227.3bn, and total international reserves reached $26.5bn by the end of February.
Nasr stressed that the ministry is keen on supporting civil society institutions to develop the community and on training the youth in order to provide the market with trained workers, as well as provide these young people with jobs to ensure a regular income for them.