By John Ikani
Egypt has solidified its position as the most alluring investment destination in Africa for the second year running.
According to the United Nations Conference on Trade and Development’s (UNCTAD) 2024 Global Investment Report, Egypt managed to attract a significant $9.8 billion in investments throughout 2023 despite ongoing global economic challenges.
This figure represents a substantial 18.6% share of Africa’s total investment inflows, which reached $52.6 billion in the same year.
Egypt’s investment climate has been on a steady upswing since 2014. Foreign direct investment (FDI) has risen consistently, reaching $9.8 billion in 2023 – a notable increase from $9 billion in 2019 and $4.6 billion in 2014.
The UNCTAD report also underscores Egypt’s growing appeal to multinational corporations across various sectors, particularly automotive, pharmaceuticals, and electronics.
The Egyptian government has actively implemented measures to bolster its investment attractiveness. In 2023, they established the Supreme Council for Investment, led by President Abdel Fattah Al-Sisi.
This council aims to streamline coordination and enhance the effectiveness of initiatives promoting investment in the country.
In addition, the government has introduced tax breaks and other financial incentives to entice investors.
