Egypt is first in the Arab world in the growth of foreign investments

Extra News channel presented a television report on the achievements of the Egyptian economy. The report stated that Egypt is first in the Arab world in terms of the growth rate of foreign investments during the first quarter of 2023, and that investment flows during 2023 increased by 72% thanks to the facilities provided by the state to investors.

The report pointed out that the volume of foreign direct investment in Egypt increased during the year $2022 to 8.9 billion, and an increase in net foreign direct investment flows into Egypt to reach about 3.3 billion dollars, and the country achieved first place among North African countries in the index of inflows from foreign investment.

The report confirmed that the balance of payments achieved a surplus of $1.86 billion in the fiscal year 2020/2021, an increase in Suez Canal revenues from $5.2 billion in 2015 to $9.4 billion in 2022, and strengthening the private sector through preparing a state ownership policy document, and announcing the government proposal program in February 2023.

Reform measures

He pointed out that 171 reform measures have been taken to facilitate investors and support the private sector, and it is planned to implement another package of future reform measures to support the private sector, and to implement a set of economic reforms and reforms in the business environment and climate.

Renewable energy

In this regard, Dr. Mohamed Shaker, Minister of Electricity, said that the Ministry worked to maximize the participation of renewable energy to reach 42% in 2030.

He noted that there are requests for investment in the field of renewable energy amounting to 28,000 megawatts, with approximately 7,000 megawatts to start.

He explained during his speech at the second session of the Story of a Nation Conference, in the presence of President Abdel Fattah El-Sisi and a large number of ministers and officials, that there are 2.45% additional projects under construction, pointing out that there are offers in renewable energy projects, which reflects the world’s confidence in Egypt’s ability, both in terms of Powerful grids or solar and wind.

Electrical networks

He pointed out that the fourth axis is the establishment of electrical networks that accommodate renewable energy capabilities, and a study is being prepared to integrate capacities of up to 126 gigawatts of renewable energy, whether solar or wind, and the final study will be obtained at the end of October.

Al-Massa Hall in the New Administrative Capital witnessed the launch of the “Story of a Homeland” conference, today, Saturday, in the presence of President Sisi, a number of ministers, politicians, youth, media professionals, and representatives from all segments of society, to present the achievements of the Egyptian state in various fields.

Suez Canal Economic Zone

In a related development, Walid Gamal El Din, Chairman of the General Authority of the Suez Canal Economic Zone, received a business delegation of Japanese companies working in the field of renewable energy, green fuels and various industries headed by the Japanese External Trade Organization JETRO, to participate in an expanded meeting organized by the economic zone on this promising sector.

This was in the presence of representatives of: the Egyptian-Japanese Business Council (EJBC), the Japan Organization for the Development of New Energy and Industrial Technology, the Japan International Cooperation Agency (JICA), and the presence of the Japanese ambassador in Cairo.

In addition to the remarkable presence of companies that signed framework agreements or memorandums of understanding with the economic zone to establish green fuel projects within the zone.

During the meeting, representatives of Arab Energy, Global Africa, Mediterranean Energy Partners, SCATEC, Maersk, BP, Fortescue, Zero West, ACWA Power, Total Erin Alliance, Enara Group, and the Indian company Okure Energy made presentations on their projects to be established within the region. Investment volume, production capacity, job opportunities, and some other technical details.

This was followed by other presentations by representatives of the Japanese business delegation's companies, which amounted to 24 companies and institutions operating in various fields such as engineering industries, facilities, financial services, maritime transport, consulting, and some governmental organizations. The representatives of these institutions expressed their desire to invest in the economic zone in these sectors and future cooperation between the two parties.

After the meeting, the delegation went to visit the Egypt Hydrogen Factory, the first project in Africa to produce green fuel, which was inaugurated during the COP27 climate change summit held in Egypt in November 2022. Then the delegation headed to Sokhna Port to inspect the work on the new berths in the port.