The Egyptian government has announced that Egypt has been ranked as the most attractive investment destination in Africa for 2023 by the United Nations Conference on Trade and Development (UNCTAD). This marks the second consecutive year that Egypt has held the top spot in Africa.
According to a statement from the Media Centre of the Egyptian Cabinet, Egypt attracted investments worth $9.8 billion in 2023 despite facing successive global economic challenges.
The statement, which provides details on Egypt’s investment status based on UNCTAD’s Global Investment Report published on June 20, 2024, highlights that Egypt accounted for 18.6 percent of Africa’s total investments, which amounted to $52.6 billion in 2023.
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Since 2014, Egypt has experienced a positive trend in investment flows. In 2023, the country received $9.8 billion in foreign direct investment (FDI), up from $9 billion in 2019 and $4.6 billion in 2014.
The report also noted the emergence of Egypt as a key investment destination in Africa for numerous multinational companies, particularly in sectors such as automotive, pharmaceuticals, and electronics.
Boosting investment and economic growth in Egypt
In 2023, the Egyptian government established the Supreme Council for Investment, chaired by President Abdel Fattah Al-Sisi, with the aim of boosting investments and economic growth. The council was created to enhance coordination and the effectiveness of investment promotion efforts. Additionally, the government introduced tax exemptions and other financial incentives to attract investors.
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