Minister of Investment and International Cooperation Sahar Nasr said that the ministry aims to attract foreign direct investments (FDI) worth nearly $10bn in fiscal year 2017/18 during a session held to discuss economic growth policies on the sidelines of the “Future of Investment Initiative” conference held in Riyadh.
She said that her ministry is working to invest in people, whether through education or health, noting that there is a partnership with the private sector in petroleum, gas, and renewable energy. Nasr added that, by 2020, the government aims to have 20% of the country dependent on renewable energy. She explained that American, British, and Saudi companies have injected investments during the past months in Egypt.
Nasr has also showcased the available investment opportunities in Egypt and said that Egypt has been able to overcome the challenges it faced in terms of economy and development, thanks to the successful bundle of economic reforms.
The minister called upon participants in the conference to inject new investments in Egypt, adding that there are many investment opportunities in the Suez Canal Economic Zone and the New Administrative Capital; in addition, there are more than 600 investment opportunities across Egypt, she said.
The Bahraini minister of trade and industry stressed during the discussions that his country supports Egypt economically, explaining that the way to increase growth is to significantly expand the economy.
The Future of Investment Initiative was launched by Saudi Crown Prince Mohammad bin Salman. The conference includes more than 2,500 business figures from more than 60 countries across the world. The total assets of the participants in the conference are estimated to be $22tn.