Egypt achieves largest FDI share among COMESA

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Mon, 08 Oct 2018 - 07:39 GMT

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Mon, 08 Oct 2018 - 07:39 GMT

Head of COMESA Regional Investment Agency Heba Salama - Business For Africa Forum website

Head of COMESA Regional Investment Agency Heba Salama - Business For Africa Forum website

CAIRO - 8 October 2018: Egypt is on top of the 21 COMESA members in terms of foreign direct investment (FDI) with a share of 42 percent in the value of $7.4 billion achieved in 2017, Head of COMESA Regional Investment Agency Heba Salama told African Business Magazine.

Salama said that FDI worldwide declined by 23 percent from $1.87 billion in 2016 to $1.43 billion in 2017. The percentage for African countries is 21 percent as investment inflows went down to $42 billion in 2017, while the percentage for COMESA countries decreased by only 3 percent.

The official added that member states achieved a 5 percent sustainable growth over the past five years, accomplishing the stability needed by investors to set long-term plans to reach consumers among 500 million Africans in COMESA countries.

Member states combined have an annual population growth of 2.2 and an annual GDP of $1.2 trillion. In addition to Egypt, COMESA comprises Kenya, Sudan, Mauritius, Zambia, Zimbabwe, Djibouti, Malawi, Madagascar, Rwanda, Burundi, Comoros, Libya, Uganda, Seychelles, Congo, Eritrea, Ethiopia, Swaziland, Somalia, and Tunisia.

COMESA is a free trade area that was founded in 1994 and its headquarters is in the Zambian capital Lusaka.

Additional contribution by Noha El Tawil

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