The CEO of GAFI said that the government is looking forward to increasing the rates of granting the golden license to investors during the coming period.
Egypt’s foreign direct investment is expected to exceed $40 billion by the end of 2024, according to by CEO of the General Authority for Investment and Free Zones (GAFI), Hossam Heiba, who spoke to Alarabiya.
Egypt's initial target for foreign direct investments during the current fiscal year was set at $12 billion. However, the signing of the Ras El Hekma deal with the Emirati Holding Company (ADQ) in February, amounting to $35 billion, has far exceeded these expectations.
GAFI is currently focusing on attracting investments in 6 main sectors, including industry, green energy, technology and communications, agriculture, logistics, and health care, Heiba added.
The CEO of GAFI said that the government is looking forward to increasing the rates of granting the golden license to investors during the coming period.
He pointed out that the golden license saved a full 4 months of the implementation plan for the Chinese company Haier complex project.
It also helped to attract 3 new Chinese companies to the country, in addition to pushing Haier to study new expansions in Egypt.
Earlier in June, Heiba added that Egypt attracted foreign direct investments worth $10.04 billion during FY2023/2024, with a growth rate of 12.3% compared to FY2022/2023.
