Egypt, Switzerland boost investment opportunities



Wed, 15 Nov 2023 - 02:22 GMT


Wed, 15 Nov 2023 - 02:22 GMT

CAIRO – 15 November 2023: Hossam Heiba, the CEO of the General Authority for Investment and Free Zones (GAFI), held a meeting with Swiss State Secretary of Economic Affairs, Helene Budliger, to discuss strategies for promoting and attracting investments between their respective countries.

During the meeting, Heiba showcased the investment opportunities available in Egypt to Swiss companies. This presentation took place on the sidelines of the African Intra-African Trade Fair (IATF2023) hosted by Egypt.

Heiba emphasized that Egypt remains a crucial investment destination and serves as the primary gateway to Africa, despite the economic challenges.

Heiba also highlighted the African Continental Free Trade Area (AfCFTA), which stands as one of the world's largest free trade areas. He emphasized the significant investment and commercial expansion possibilities it offers within the continent. The AfCFTA encompasses a market of 1.3 billion consumers and a combined market value surpassing $3.4 trillion.

The IATF2023 event took place in Cairo with the goal of attracting companies to invest in the African market, which comprises over 1.3 billion individuals and boasts a GDP exceeding $3.5 trillion.

The event aimed to facilitate trade and investment deals worth $43 billion, with representatives from 75 countries, 1600 business exhibitors, entrepreneurs, investors, financiers, and an estimated 35,000 buyers and visitors in attendance.

Earlier, in September, Ahmed Samir, the Minister of Trade and Industry, revealed that Switzerland ranked 15th among the most significant countries investing in Egypt. Switzerland's investments in Egypt amounted to nearly $2.2 billion, spread across 433 projects.

Furthermore, the trade exchange volume between Egypt and Switzerland witnessed a 7.8 percent increase in 2022, reaching $1.52 billion compared to approximately $1.41 billion in 2021, as stated by Samir.



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