GAFI CEO Hossam Heiba noted that the first half of FY2023/24 saw $6 billion in FDI, with the Ras El-Hekma deal expected to further contribute to the year's total.
Egypt's General Authority for Investment and Free Zones (GAFI) is targeting a 10-15% increase in foreign direct investment (FDI) during the fiscal year 2024-2025. This comes after Egypt secured $10.04 billion in FDI during the previous fiscal year, a 12.3% increase from FY 2022/2023.
GAFI CEO Hossam Heiba noted that the first half of FY2023/24 saw $6 billion in FDI, with the Ras El-Hekma deal expected to further contribute to the year's total.
Heiba also emphasized efforts to strengthen ties with the European Union through the Egypt-EU Investment Conference. This partnership aims to expand mutual investment, with Egypt presenting 153 investment opportunities valued between $1.5 and $2 billion to European private investors. These opportunities span various sectors including logistics, healthcare, water, manufacturing, and waste management.
Heiba outlined a series of reforms undertaken by the Egyptian government to improve the investment climate and attract more foreign investors, particularly from the EU. These reforms focus on creating a flexible and efficient business environment to meet the needs of both local and international investors.
Highlighting Egypt's strategic location, young workforce, and advanced infrastructure, Heiba emphasized promising opportunities for European companies in renewable energy, textiles, IT, automobiles, pharmaceuticals, and food manufacturing. The new reforms, he believes, will solidify Egypt's position as a regional investment hub and open doors for deeper economic cooperation between Egypt and the EU.
