Egypt aims to attract over $20 billion a year in foreign direct investment
Release time:
2024-09-27 17:26
Source Event Xinhua Finance
Reporter Zhang Jian
Egyptian media reported that Egyptian Prime Minister Madbouli said at a press conference on the 25th that Egypt's goal is to attract foreign direct investment (FDI) of more than US $20 billion a year and increase its exports to more than US $140 billion by 2030.
"This is a dream that can be realized." Madbouli said.
Madbouli said that as part of foreign direct investment, the Egyptian project investment of Haier, China's world-leading home appliance manufacturer, will exceed US $0.5 billion after the completion of three phases, which is expected to create thousands of jobs for young people in Egypt. He is communicating with Japanese companies engaged in renewable energy and water management to expand their investments in Egypt in the coming period.
The positive measures of the Egyptian government are reflected in the good evaluation of the market.
Egyptian media reported on the 26th that the European Bank for Reconstruction and Development updated its latest forecast for Egypt's economic growth. The bank expects Egypt's economic growth rate to rise to 4% in the 2024/2025 fiscal year, reflecting that Egypt is in a recovery phase.
On a calendar year basis, the bank expects Egypt's economy to grow by 3.2 percent in 2024 and an optimistic 4.5 percent in 2025.
Earlier this month, Fitch Solutions maintained its forecast for Egypt's 4.2 percent growth in the 2024/2025 fiscal year.
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