African countries

Egypt tops African countries receiving foreign investment for 5th consecutive year

Egypt remained at the top of foreign direct investment in Africa for the fifth consecutive year in 2020/2021, reaching $5.9 billion, which represents 53% of foreign direct investment directed to North Africa.

A report from the Ministry of Planning and Economic Development revealed this despite the challenges posed by the coronavirus crisis.

Egypt remained at the top of the list of countries receiving foreign direct investment in Africa for the fifth consecutive year in 2020/2021.

The report indicates that foreign direct investment increased by 4% in the first quarter of 2021/2022, with inward investment in non-oil sectors increasing by 28%, including industry, financial services, construction, technology information and communications.

The report says the UK accounts for 34% of total foreign direct investment, followed by the US.

The report indicates that Egypt has improved the business environment, in particular by benefiting from and building on institutional and legislative reforms, such as the new investment and bankruptcy laws, as well as by amending the law on public-private partnerships and capital market law.

The report highlighted the launch of the national structural reform program, which includes a set of supporting pillars, including increasing the relative weight of the industry, agriculture, communications and information technology sectors. in the Egyptian economy.

In addition to improving the efficiency of the labor market and technical and vocational education and training through the development of the technical education and vocational training system and the establishment of the institutional framework to activate the role of private sector in education and training, integrating labor market supply and demand and empowering women, youth and people with special abilities.