Egypt replaces South Africa as Africa's first investment destination
Release time:
2017-10-06 00:00
News from the website of the Economic and Commercial Office of the Chinese Embassy in Egypt on September 19, 2017Pyramid Online reported on September 18 that according to the latest 2018 Africa Investment Guide released by South Africa's Rand Commercial Bank (Rand Merchant Bank), Egypt replaced South Africa as the largest investment destination in Africa, which is also the bank's 7 consecutive years Since the release of the investment guide, South Africa has been overtaken by other countries for the first time, and South Africa is now ranked second. Rand Commercial Bank is one of Africa's largest corporate and investment banks.
According to reports, the main reason why Egypt can catch up with South Africa is that Egypt's economic vitality score is high, while South Africa's economic growth is slow. The top 10 investment destinations in Africa also include Morocco in third place, Ethiopia in fourth place and Ghana in fifth place. The top 10 countries include the third African Arab country, Tunisia, which ranks ninth.
Since last year, Egypt has implemented a series of reforms aimed at improving its economy. The most important was the decision last November to allow its exchange rate to float freely. In addition, fuel subsidies have been reduced, and Egypt has received a $12 billion loan from the International Monetary Fund over three years.
In June, a long-awaited new investment law was approved by the president. It offers investors a range of incentives, including a 50 percent tax break on investments in less developed areas and government relief on utility charges related to new projects. The law also reopens the declaration of private free zones, which are exempt from various taxes and customs duties.
Egypt's net foreign direct investment grew by 14.5 percent to $7.9 billion billion in the 2016-2017 fiscal year.
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