$22 billion.. the value of foreign investment entering Egypt in 2022
Egypt was isolated from the global economy until 2015 in terms of being affected by it, but now it has become more affected by global events and crises
Shrouq
Hossam Haiba, Chairman of the General Authority for Investment and Free Trade, said that we must focus on solutions, opportunities and implementation mechanisms to support investment in Egypt.
$22 billion
He pointed out that the value of foreign investment that entered Egypt until June 30 of last year amounted to 22 billion dollars, which is the highest amount of income in Egypt in its history, without real investment promotion, which indicates that we have a great ability to attract more investments.
Haiba added that foreign investment is calculated on new capital, capital increase, retained profits that have been reinvested by foreign companies, and exit from Egyptian assets owned by non-Egyptians.
Direct investment
He added that the value of foreign investment that came out of Egypt amounted to 13 billion dollars, of which about 11 billion dollars came from the petroleum sector, as net direct investment reached 8.9 billion dollars, which is the best rate during the past ten years, stressing the importance of entrepreneurship and emerging companies.
Digital platform for entrepreneurship
He pointed to the amendment of the laws of small and medium enterprises and the addition of start-ups, which stipulated the establishment of a permanent unit under the umbrella of the Council of Ministers, to be a destination for entrepreneurs and to start transforming them from just an idea to executive frameworks, to be a digital platform for entrepreneurship.
He continued that the Ministry of the Interior had announced last Saturday that foreign investors applying to the General Investment Authority would be granted a one-year residence permit “for non-tourism”, renewable for an additional 6 months or a year during the period of establishing companies and economic entities, within the framework of facilitating the procedures related to the establishment of investment projects, and attracting more investors.
Global economy
The Prime Minister, Dr. Mostafa Madbouly, had affirmed the state's keenness to continue to create an attractive climate for investments in various sectors, especially the new and renewable energy sector, as it is one of the promising investment sectors in Egypt, given our capabilities and ingredients in this regard. state agencies to maximize their utilization.
He continued that Egypt was isolated from the global economy until 2015 in terms of being affected by it, but now it has become more affected by global events and crises, as the world stands at technological development and artificial intelligence, so there is growth, but it is not expected, just as there is growth in the investments of institutions and companies.
