Hossam Heiba, CEO of Egypt’s General Authority for Investment and Free Zones (GAFI), announced that Egypt secured the top spot in Africa in terms of the value of incoming foreign direct investments (FDI) in 2022.
Heiba made this statement during a speech at the business and investment forum organized by the Egyptian Embassy in Beijing. The event was part of the foreign ministry’s ongoing efforts to attract foreign investments to Egypt, as outlined in a statement released on Friday.
During his address, Heiba highlighted the various investment incentives that Egypt offers to foreign companies, with a particular focus on key industries such as automotive, home appliances, energy production, and green hydrogen.
He also emphasized the benefits provided by Egypt’s special and free economic zones, which aim to stimulate exports through tax exemptions.
Encouraging Chinese companies to increase their investments in Egypt, Heiba emphasized the promising opportunities that the country offers in this regard. He called upon Chinese businesses to capitalize on these prospects and strengthen bilateral economic ties.
Echoing Heiba’s sentiments, Egyptian Ambassador to China, Assem Hanafi, underscored the longstanding relationship between Cairo and Beijing. He noted that bilateral relations were elevated to the level of a comprehensive strategic partnership in 2014 and emphasized the development of economic cooperation between the two nations.
According to the United Nations Conference on Trade and Development (UNCTAD), Egypt ranked first in North Africa for foreign direct investment (FDI) inflows in 2022, receiving a total of $11.4 billion.
Furthermore, a report by American global management consulting firm Kearney ranked Egypt 14th among the world’s top attractive and trusted emerging markets for foreign investments, ahead of Turkey, Morocco, South Africa, and Russia.