The United Nations Conference on Trade and Development (UNCTAD) has placed Egypt as the most desirable investment location in Africa for 2023, according to a statement released by the Egyptian Cabinet. Egypt has been ranked first for the last two times.
Despite a string of worldwide crises, Egypt managed to attract $9.8 billion in investments in 2023, according to a statement released by the Cabinet’s Media Center.
According to the statement, Cairo accounted for 18.6% of Africa’s total investments, which totaled $52.6 billion in 2023, which describes Egypt’s investment position based on UNCTAD’s Global Investment Report released on June 20, 2024.
Egypt has seen an increase in investment flows since 2014. Compared to $9 billion in 2019 and $4.6 billion in 2014, the nation got $9.8 billion in foreign direct investment (FDI) in 2023.
The research also mentioned how many global corporations in industries like electronics, pharmaceuticals, and automobiles are beginning to see Egypt as a major investment destination in Africa.
To encourage investment and economic progress, Egypt formed the Supreme Council for Investment in 2023, led by President Abdel Fattah Al-Sisi. Its goal was to improve investment promotion efficiency and coordination. It also gave tax breaks and other financial incentives to draw in investors.