Egypt among top 10 investment destinations in Africa
Business Insider, the American online platform, nominated Egypt in its list of the top 10 investment destinations in the African continent, as the list included Egypt, along with the countries of Nigeria, South Africa, Algeria, Morocco, Kenya, Ethiopia, Ghana, Angola, and Cote d’Ivoire.
This came according to a report issued by the Information and Decision Support Center, quoting the Business Insider report that Egypt’s economic growth rate increased by 9.8 percent in the first quarter of the fiscal year 2021-2022, according to the latest statistics published by the Reuters news agency.
It stressed that these statistics also show that Egypt is one of the richest countries. Africa in terms of GDP for the year 2021, as it has the second highest gross domestic product (GDP) in the African continent with a value of $394 billion.
The report indicated that despite the negative economic effects resulting from the spread of the “Coronavirus, Egypt’s GDP achieved growth in 2021, thanks to the country’s enjoyment of a diversified economy that depends on fossil fuel exports and agricultural and tourism activities, describing the Egyptian economy as an “ideal economy for investors.”
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The economic reform program implemented by Egypt since 2016, has supported the country in facing the effects of the coronavirus pandemic, and it was able to occupy the third place among the 5 largest Arab economies for the year 2021, and it is expected that the Egyptian gross domestic product will rise from about $362 billion in the fiscal year 2020/2021, to about $394 billion during the fiscal year 2021/2022.
The report drew attention to the importance of flexible government policies taken by the Egyptian government to ensure the continued flow of foreign direct investment (FDI) into the country, citing the Egyptian government’s amendment of investment-related legislation to facilitate the growth of private investment in the country.
The World Investment Report for the year 2020, issued by the United Nations Conference on Trade and Development (UNCTAD), confirmed that Egypt maintained its position as the first destination for foreign direct investment in Africa for the third year in a row, thanks to economic reforms that contributed to macroeconomic stability and enhanced investor confidence in country.
It should be noted that foreign direct investment flows to Egypt doubled from $4.6 billion in 2014, to about $1 billion in 2019, before the pandemic spread.
