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Egypt gets lion’s share of FDIs in Africa in 1H 2019: UNCTAD - Daily News Egypt

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Egypt gets lion’s share of FDIs in Africa in 1H 2019: UNCTAD

Report reassures the international institutions’ positive assessment for the Egyptian economy

Egypt acquired the lion’s share of the foreign direct investments (FDIs) in Africa over the first half (1H) of 2019, estimated at $3.6bn, according to the Investment Trends Monitor report released by the United Nations Conference on Trade and Development (UNCTAD) on Monday.

The report reassures the positive assessment of the international financial institutions for the Egyptian economy and the government’s efforts to enhance the business climate, a Monday statement of the Ministry of Investment and International Cooperation (MIIC) said.

The global FDIs reached $650bn over the first six months of 2019, noted the report, adding that the FDIs will increase by end of 2019 but with slight percentage due to the global trade tensions.

Moreover, the General Authority for Investment and free zones (GAFI) agreed to offer additional business facilities for Meit Ghamr zone’s investors through its recent board meeting headed by the Minister Sahar Nasr.

The meeting was held in the presence of GAFI’s Executive Vice President Mohamed Abdel Wahab and board members including former President of the American Chamber of Commerce in Egypt (AmCham) Tarek Tawfik, prominent Banker Mohamed ElEtreby, and other board members, according to GAFI’s statement on Monday.

The facilities include offering the projects a six-month grace period to pay the premiums of the entities cost, decreasing the rent insurance of the entities, and exempting investors from paying the maintenance fees during the first year of operation, the statement explained.

The board also agreed to begin reserving the entities for the sectors specialised in the engineering industries, textile, wood, and its supplements industries from 28 October through the online website.

GAFI aims at attracting new investments to Meit Ghamr zone in different fields topping by the metal and aluminium industries, small and medium enterprises, engineering industries and textiles, Nasr mentioned over the meeting.

The MIIC is conducting a plan to develop and establish new investment zones, which is a key pillar of the government’s agenda to supply the needs of the investment projects and offer the facilities to make them operate well, Nasr added.

The government is committed to pushing the development efforts and easing business to offer new investment opportunities and support the entrepreneurs, Nasr said, adding that MIIC is cooperating with the Micro Small and Medium Enterprises Development Agency (MSMEDA) to financially assist the investors in the zones of Meit Ghamr, Alsaff, and Al-Qalyubia.

The minister asserted that investing in the human capital is a priority for MIIC, noting that attracting new private sector investments in the fields of education and health is key pillar of MIIC’s vision.

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