Egypt’s economy is on the right track

Minister of Investment Dalia Khorshid revealed her expectations and vision about the Egyptian economy through 2017 during an interview with Daily News Egypt, stressing that the Egyptian economy is on the right track.

The minister said during the interview that the ministry is pursuing a new investment policy that aims to develop, improve living standards of Egyptians, and create more job opportunities for young people through creating a good business environment for all economic sectors.

How much foreign direct investment (FDI) is expected by the end of fiscal year (FY) 2016/2017, especially after the flotation of the Egyptian pound and the recent reforms?

FDI net inflow in Egypt during the first quarter of the current FY 2016/2017 registered $1.9bn, compared to $1.4bn during the first quarter of FY 2015/2016—an increase ratio of 37.5%. FDI net inflow during FY 2015/2016 registered $6.8bn compared to $6.4bn during FY 2014/2015 with an annual increase of 7.2%, according to the latest data released by the Central Bank of Egypt (CBE), which emphasises the confidence of investors in the Egyptian market.

We seek to attract $10-15bn over the coming three years through focusing on creating a good investment climate in light of the reform measures and the critical decisions taken during the past period, which serves in attracting FDI.

What is the size of registered investments by the end of the first half of the current FY?

The number of newly established companies according to the General Authority for Investment and Free Zones (GAFI) in the first half (July-December) of FY 2016/2017 is roughly 6,442, with exported capital worth EGP 10.2bn. Also, 1,004 existing companies saw an increase of EGP 20.4bn in their capital during the same period .