Egypt targets $10bln in net foreign direct investment in FY2022/23

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Egypt eyes net foreign direct investments (FDI) amounting to $10 billion during the current fiscal year (FY) 2022/2023, up from $8.6 billion a FY earlier, in a way that contributes to transforming Egypt into a more stimulating center for production and export to Europe, Finance Ministry stated on March 16th.

This came during a meeting with Egypt’s Finance Minister Mohamed Maait and a number of Saudi investors in Riyadh.

“Egypt opens its doors to Arab and foreign investors, with a supportive political will for investment, a favorable environment for business, and an economy that has become more attractive with promising opportunities for the private sector in various fields,” Maait said.

The minister added that Egypt aims to reach $100 billion in exports in the medium term, by expanding the export base and enhancing the competitiveness of Egyptian products in global markets.