Egypt to be global growth powerhouse by 2040: Ernst and Young

The Ernst and Young Africa attractiveness survey for 2013 evaluates countries according to their attractiveness for foreign investment.

The report stated that “By the 2040s, we have no doubt that the likes of Nigeria, Ghana, Angola, Egypt, Kenya, Ethiopia and South Africa will be considered among the growth powerhouses of the global economy.”

Egypt has been ranked the second most attractive country for foreign direct investment (FDI) since 2003, being a destination for sub-regional hubs and catching the attention of about 10.5% of Africa’s foreign investment.

Even though word has it that investment shrank tremendously after a popular uprising in 2011, which resulted in the ousting of former President Mohamed Hosny Mubarak, Ernst & Young declared that 52 new projects were established in Egypt in the same year. As for 2012, 60 new projects were registered.

Decision-makers consider Egypt the 4th most attractive country for doing business in Africa.

Egypt also gained third place in the list of the top 10 African destination countries for infrastructure projects up to February 2013, being home of 82 projects and over $60,164.7 million of capital investment.