Sat. Jul 20th, 2024

The General Investment Authority reported that the “economic reform” program recently implemented by the Egyptian government resulted in making Egypt first in Africa and second in the Arab world in receiving foreign investments.

Ahmed Zuhair, head of the Authority’s Promotion Department, said during the “Solar Energy and Direct Storage in Africa” conference that last year, despite its difficulty, witnessed the establishment of 30,000 new companies in Egypt.

Zuhair pointed out that these companies expanded their business despite the difficult economic conditions and lack of hard currency, due to their confidence in the Egyptian government and the procedures followed.

He added that the signing of the “Ras El Hekma” deal led to achieving stability and balance in the Egyptian market and pointed out that Egypt’s population exceeded 105 million people, with a population growth rate of 2.5% annually, making Egypt the third largest African country in terms of population.

Zuhair stressed that Egypt has many incentive advantages for investment, as the government worked to improve the investment environment to be more attractive.

He explained that Egypt engaged in negotiations with a number of international institutions and concluded huge deals to enhance economic stability.

Zuhair said that the Egyptian market is characterized by being a market that possesses the workforce necessary for growth, which makes it a very encouraging environment for anyone who wants to implement investment projects.

He noted that the New Administrative Capital possesses many elements of growth and investment, which can attract investors from all over the world thanks to its competitiveness and ability to grow.

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