Net foreign investment in Egypt's non-oil sectors increases 28% in within 3 months

CAIRO - 7 February 2022: Net foreign direct investment flows in Egypt’s non-oil sectors increased during the first quarter of the current fiscal year 2021/2022 by 28.2 percent, on an annual basis, according to CEO of the General Authority for Investment and Free Zones, Mohamed Abdel Wahab.

Abdel Wahab said in a statement that the growth rate of the establishment and expansions in the non-oil sectors increased during the period from July to the end of last September by 22 percent, on an annual basis.

He referred to the authority's efforts in coordination with the concerned authorities to solve the challenges facing investors and continue working on the speedy completion of them. The work system for expanding the provision of industrial land to investors and its positive impact on increasing investments in deepening the local product and increasing its exports was also discussed.

This came during a meeting held by Prime Minister Mostafa Madbouly with Mohamed Abdel Wahab, CEO of the General Authority for Investment and Free Zones; to follow up on the most important work files in the authority, and efforts to encourage and support local and foreign investments in Egypt.

During the meeting, Mohamed Abdel Wahab reviewed a number of requests to implement new investments for foreign companies, including the desire of a Spanish company; to establish an agricultural project in Egypt on an area of ​​3,000 feddans, and to establish a factory for the manufacture and packaging of table olives; with the aim of exporting its entire production on an area of ​​50 thousand square meters, it provides about 500 direct job opportunities and about 3000 indirect job opportunities.

As well as another request for a Danish company to implement a wind energy project with a capacity of 250 megawatts in the Gulf of Suez, as well as a study to increase its investments in Egypt through the implementation of projects in the field of green hydrogen production.

The CEO of the authority also presented the results of coordination with the Ministry of Foreign Affairs to hold an Egyptian-Hungarian investment forum in Egypt from 22-24 February 2022 at the headquarters of the General Authority for Investment and Free Zones.