The “Business Insider” website has named Egypt as one of the top 10 investment destinations in Africa.
The list also includes Nigeria, South Africa, Algeria, Morocco, Kenya, Ethiopia, Ghana, Angola, and Cote d’Ivoire, according to a report issued by the Information and Decision Support Center, the Egyptian government’s think tank.
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 Reuters.
Statistics also show that Egypt is one of the richest countries in Africa in terms of GDP for 2021, as it has the second highest GDP in the continent at US$394 billion.
Despite the negative economic effects resulting from the pandemic, the report said Egypt’s GDP achieved growth in 2021, thanks due to a diversified economy that depends on fossil fuel exports and agricultural and tourism activities.
The report also called the Egyptian economy an “ideal economy for investors.”
The economic reform program implemented in Egypt since 2016 has supported the country in facing the effects of the pandemic – enabling Egypt to come in third place among the five largest Arab economies for 2021.
The Egyptian GDP is expected to rise from about $362 billion in the fiscal year 2020-2021, to about $394 billion during the fiscal year 2021-2022, the report stated.
The report also drew attention to the importance of flexible government policies taken by the Egyptian government to ensure the continued flow of foreign direct investment, citing the Egypt’s amendment of investment-related legislation to facilitate the growth of private investment in the country.
The World Investment Report for 2020, issued by the United Nations Conference on Trade and Development, 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 the country.
Foreign direct investment flows to Egypt doubled from $4.6 billion in 2014, to about nine billion dollars in 2019 before the pandemic outbreak.