24 pct. investments increase in FY 2016/2017 - minister
Wednesday 13/September/2017 - 05:54 PM
Minister of Investment and International Cooperation Sahar Nasr announced Wednesday that foreign direct investment (FDI) during the fourth quarter of the fiscal year 20162017 recorded an increase of 29 percent to reach dlrs 1.35 billion compared with dlrs 1.05 billion during the same period of the previous year.
Addressing a seminar organized by the American Chamber of Commerce under the title "Looking Forward to the Future...Opening New Investments in Egypt"، Nasr said new investments during the fiscal year 20162017 increased by 24 percent as some 17،235 new companies have been established over the past period compared with 13،924 companies during the previous fiscal year.
She also made it clear that the number of companies which witnessed expansions in fiscal year 20162017 increased by 10.5 percent to reach 2،035 companies compared with 1،840 in the previous year.
Such figures reflect a rise in the investors' confidence over the investment climate in Egypt، she added.
The minister asserted Egypt's keenness on establishing partnership with various countries، noting that China has voiced willingness to establish new investments in Egypt during the recent visit of President Abdel Fattah El Sisi.
Meanwhile، Head of the American Chamber of Commerce Tareq Tawfiq said US investments in Egypt represent 30 percent of the US's FDI in Africa.
At the conclusion of the seminar، the American Chamber of Commerce honored Nasr for her efforts to renovate the investment climate in Egypt.