Cairo – Mubasher: Foreign direct investments (FDI) in Egypt may exceed $10 billion this year, Egypt’s minister of investment and international cooperation Sahar Nasr told Bloomberg.
Nasr declared that she had been in talks with investors from Saudi Arabia, Singapore, China, and the UAE, noting that these countries had shown interest to invest in Egypt.
“With the devaluation, the cost of labour, blue or white collar, is lower than elsewhere,” Nasr highlighted.
The new investment law will bolster Egypt to attract FDI and will abolish the governmental routine, she said, indicating that the new law represents a “significant signal from the highest political level that Egypt is open for business”.
The minister does not expect the rise in interest rates to interrupt the work process, Nasr added, mentioning that FDI net inflows in Egypt rose 12% year-on-year to $6.6 billion during the period between July 2016 and March 2017 of fiscal year 2016/2017.
Hala Al-Saeed, Egypt’s minister of planning and administrative reform, had previously forecast that FDI in Egypt would reach $8 billion to $8.5 billion in FY16/17.
